Apply High Income Housing Profits To Subsidise Low-Cost Housing Facilities- Developer, Nwogbo Advises Govt

Kenechukwu Ofomah

Kenechukwu Ofomah

Governments across all levels have been urged to take full advantage of the numerous high-income real estate developments, to make investments in providing affordable housing facilities for the low income earners across the country.

A real estate developer, Chief Clem Nwogbo made the call in a chat with TNC correspondent in Awka.

Although there are many housing schemes in the country, the issue of the unavailability of housing facilities for low-income people is still a major problem.

Presently, many civil servants in the country and other low income people can hardly boast of owning their own houses, even after putting in the required number of years in the civil service.

But Chief Nwogbo, who is the Group Chairman of M-P Infrastructure, a real estate development firm, believes that government can address the low-cost housing deficit if it applies the gains from the various high-cost housing facilities appropriately.

Nwogbo said through the initiative, low-income earners can get affordable and livable houses, without paying much.

“High-income real estate investment should enable government make the necessary investments in low income housing developments.

“The real deficit is not in the high-income area because rich men can afford anything, no matter the cost.
“Where there is problem is the low-income area and that is why I suggest that government should partner the private sector in this regard.

“Government should take the residual and additional income from all these investments and subsidize housing schemes for the low-income earners.

“That is the way to build a socially-stable society,” he said.

The real estate guru, who is also the Chairman, Awka Millennium City, located in the Anambra Capital Territory, promised that the city will be a livable one with pipe-borne water, electricity and all the basic infrastructure you get in a modern city, by January next year.

According to him, the city is a collective idea and investment of the Anambra people, saying he is just an initiator and commending the state government for buying into the project.

“All the over 600 subscribers are investors and owners in the estate.
“It is everybody’s dream supported by the government.

“That is how the government and the people partner to bring about genuine development in the state,” he said.

Nwogbo revealed plans by the MP-Infrastructure to develop housing facilities that will be affordable to all in the state, within the bracket of what the Federal Mortgage bank offers.

“What we are looking at is a situation where we can provide housing facilities that are not only affordable but also livable to people of Anambra for not more than fifteen million naira.

“Once we finish with the Millennium city, we will embark on this initiative,” he promised.

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