President William Ruto on Wednesday, July 31, explained why the government is using public land to deliver affordable housing units.
Speaking during the Linzi Sukuk Bell-Ringing Ceremony at the Nairobi Securities Exchange (NSE) in Westlands, Ruto stated that it's better to utilize the land to deliver affordable homes to Kenyans otherwise it might be misused.
"Many people have asked me why I am using public land to deliver housing. I mean, what else was public land supposed to be used for? In many cases, if we don't use public land to deliver public housing, it ends up in the hands of a few other people by other means," remarked Ruto.
The Head of State noted that he was committed to creating more homeowners in Kenya and thanked the private sector for working with the Government to provide financial solutions.
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"In 2022, the Government pledged to provide land and horizontal infrastructure for the development of affordable housing, substantially lowering construction costs and making it feasible to offer homes at a cost 30-40% below market rates.
"I challenged the private sector to devise innovative financial instruments to support national housing and infrastructure projects. I am delighted by your response and commend your efforts in crafting this landmark asset-based security, which has the potential to enhance efficiency in the delivery of our priority projects through optimal financing costs," said Ruto.
Cumulatively, there are about 100,000 housing units at various stages of construction across the country. Another over 700,000 housing units are in the pipeline, including 40,299 social housing units advertised on 25th June 2024 by the State Department for Housing and Urban Development.
