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Kenya Mortgage Refinance Company’s role is to provide long-term funds to primary mortgage lenders (Banks, Micro Finance Banks and Saccos) in order to increase the availability and affordability of home loans to Kenyans


Treasury allocates Sh13.9 billion for affordable housing project

NAIROBI, Kenya, Jun 10-The National Treasury has allocated Sh13.9 billion for the affordable housing project for the financial year 2021/2022.

Cabinet Secretary Ukur Yatani while presenting the new spending plan said the funds will help in addressing the housing challenge, particularly in urban areas.

“The urban area has continued to face the housing problem and to ensure the success of this initiative, I have proposed an allocation of Sh13.9 billion for the affordable housing project,” said Yatani.

Of the proposed allocation, Sh3.5 billion will go to the Kenya Mortgage Refinance Company, Sh8.2 billion for construction of affordable housing units, Sh500 million for social housing units.

“ The proposed allocations include Sh7 billion to Kenya Affordable Housing Project Sh500 million construction of Social Housing Units; Sh3.5 billion to Kenya Informal Settlement Improvement Project – Phase II; Sh750.0 million for the Housing Units for National Po-lice and Kenya Prisons; and Sh1.0 billion for construction of markets,” he added.

The sector has come under sharp criticism for failing to put in place proper measures to deliver the 500,000 housing units by 2022 as promised by President’s Uhuru Kenyatta despite massive funds allocations.

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