President William Ruto has announced that 20 percent of housing units under the Affordable Housing Programme will be set aside for members of the disciplined forces.
In a brief statement on Tuesday, June 3, Ruto said members of the Kenya Defence Forces, the National Police Service, the National Youth Service and the Kenya Prisons Service will benefit from the allocation.
"We will reserve 20 per cent of our housing units under the Affordable Housing Programme for members of the Kenya Defence Forces, the National Police Service, the National Youth Service and the Kenya Prisons Service,” he declared.
In addition, Ruto announced favorable financing options tailored specifically for the officers to ease their path to home ownership.
"These disciplined officers will benefit from single-digit interest rate credit facilities — as low as 3 per cent a year — to grow the number of home-owners,” he added.
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Notably, this comes two days after Ruto announced a plan to introduce new reforms that will give Kenyans contributing to the Housing Levy access to affordable home loans.
Speaking during Madaraka Day celebrations on Sunday, June 1, he said any Kenyan who has been contributing to the Housing Levy will be eligible to access a home loan of up to Ksh5 million at a single-digit interest rate.
Ruto added that the loan will not be limited to government-built houses but will apply to any housing unit available in the market.
"Fellow Kenyans, in recognition and appreciation of the sacrifice made by patriotic Kenyans through their contributions to the Housing Levy, I am pleased to announce today that we shall be proposing to Parliament a reform to the law that will allow any contributor to access an affordable home loan of up to Ksh5 million at a single-digit interest rate, applicable toward any housing unit in the market," he said.
Ruto further explained that the loan will help contributors who already have mortgages by allowing them to offset their existing loans using the same arrangement.
“This facility will also enable contributors to offset existing mortgages, offering greater flexibility in their housing journey and allowing many to significantly ease their home financing costs,” he added.
