MoU on shs 3.8B affordable housing project in Kisumu signed

Kisumu Governor Prof. Anyang Nyong'o displays document after signing of 3.8 Billion Affordable Housing Project in Kisumu today-Photo By Dickson Odhiambo

By Dickson Odhiambo

   January 12, 2021

 MoU on shs 3.8B affordable housing project in Kisumu signed

THE LAPTRUST and the County Pension Fund in collaboration with the County Government of Kisumu have today signed a Memorandum of Understanding that signals the commencement of 3.8 Billion Affordable Housing Project.

The project dubbed Anderson-Ofafa Affordable Housing Project is the first one outside Nairobi.

The LAPTRUST/CPF Group Managing Director and CEO Hosea Kili said the project is one such real estate investment for the Lake side City of Kisumu.

Addressing the press during the signing Ceremony today at Mama Grace Onyango Social Center, Kili said construction of over 1,200 decent and affordable housing units is designed in line with both the National and Kisumu County Governments’ affordable housing agenda.

He notes that demand for new housing units especially in urban areas has been estimated at 250,000 units against an estimated supply of 50,000 housing units.

He says out that the housing segment of the Big 4 agenda presents an opportunity for pension funds to provide decent and affordable housing, stimulate economic growth and spur industrial growth thus creating employment while lifting the standards of living for our people.

“LAPTRUST and the County Pension Fund - strongly believe in leading the way in coming up with innovative ways of solving problems; for the benefit of our members as well as our stakeholders. We, in line with its objective of delivering sustainable returns to its members has a diversified investment portfolio that includes affordable housing, as a way of unlocking value on existing properties across various counties,” he says.

He says the concept of street commerce which is at the heart of Kisumu City’s economy has been embedded in the proposed project by way of providing retail shops along the major access roads within the project.

“The MoU signed here today officially commits the County Government of Kisumu and Laptrust/ The County Pension Fund to developing the Anderson-Ofafa Affordable Housing Project,” he further says.

Kisumu Governor Prof. Peter Anyang’ Nyong’o says such a project will not only provide decent and affordable housing to the residents of Kisumu but will also go a long way in providing employment to thousands of youth and women through provision of labour, supply of building materials and catering services to the construction workers among others.

Following engagement with various key stakeholders and the residents of the Anderson-Ofafa Estate, LAPTRUST developed a Relocation Action Plan (RAP) to facilitate relocation of the project affected persons (PAPs).

The implementation of the RAP to the latter has seen all residents of Anderson Ofafa estate vacate to pave way for the development of the affordable and decent housing project which is scheduled to kick off by April, 2021.

The residents vacated the area late last year so as to pave the way for the project.

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