President Bola Tinubu has officially inaugurated the Renewed Hope Cities and Estate, marking a new phase in housing and urban development initiatives.

Concurrently, the Tinubu-led government has commenced developing a pilot housing project comprising 3,112 units in Karsana, Abuja.

The Renewed Hope Cities and Estate project is part of moves to address the growing need for housing and urban infrastructure.

During the inauguration, President Tinubu emphasised the importance of providing affordable and quality housing for citizens, contributing to sustainable urban development.

The pilot housing project in Karsana, Abuja, consists of 3,112 housing units, and it is expected to cater to diverse housing needs and contribute to the overall enhancement of the city’s housing landscape.

Officials say the Renewed Hope Cities and Estates programme would operate as a cross-subsidy initiative, with 80% of the housing units sold at commercial rates and the remaining 20% offered at concessional rates to low- and medium-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.

The concept behind the cross-subsidy arrangement is to utilise profits generated from the commercial units to subsidise the units designated for low- and medium-income earners.

Under the Renewed Cities and Estate Programme, several ownership avenues are accessible to Nigerians to enhance housing affordability.

These options include single-digit, 30-year mortgage loans facilitated by the Federal Mortgage Bank of Nigeria, Rent-to-Own schemes enabling beneficiaries to reside in properties and contribute towards ownership through periodic payments, and Outright Purchase options tailored for high-income earners.