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BY PSCU, President Uhuru Kenyatta has launched the Kenya Mortgage Refinance Company (KMRC), a financial institution whose sole function is to provide long-term loans to primary mortgage lenders. The move to provide long-term cheaper funding to primary mortgage providers including banks, Microfinance Banks and Saccos is aimed at making mortgage cheaper for Kenyans.
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President Uhuru to launch Housing Project-part of Big 4 Agenda. "We have already secured 7,000 acres of land for this initial phase. We are also working with the National Treasury, the World Bank and other stakeholders to operationalise the Kenya Mortgage Refinancing Company to provide medium and long-term liquidity to mortgage lenders," Macharia said.
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Kenya’s government is working on innovative ways of delivering affordable houses to Kenyans, President Uhuru Kenyatta has said.. Speaking at the first Session of the UN-Habitat Assembly at Gigiri in Nairobi, the president said that the government has embraced new building technologies and is actively involving the private sector as a key partner in the delivery of one of the key promises of.
The company will issue mortgage-backed bonds and other instruments, to lend on to banks and financial co-operatives using their mortgage loan contracts with customers as security. President Uhuru Kenyatta has made providing 500,000 new affordable homes by the end of 2022 one of his top four priorities.