Gov’t to launch new housing projects next month

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Addis Ababa, 6 December 2013  (WIC) – The Addis Ababa Housing Agency is set to launch 50,000 new housing projects next month.
The project is part of the government’s plan to build low cost 67,000 new houses in three housing schemes during the current budget year. Out of this, 50,000 will be built under the 20/80 housing scheme, which targets the middle class. The rest 12,000 and 5,000 houses target the upper middle class in the 40/60 housing scheme and for home seekers registered under an association, respectively.  
Addis Ababa Housing Agency Project Office has earmarked 400 hectares of plot in various parts of the capital for 20/80 housing scheme. Registered home seekers are expected to save a minimum of 20 percent of the cost while the government funds the remaining cost.
According to Befikadu Assefa, deputy general manager of the agency, the agency is identifying contractors and Micro and Small Enterprises who will take part in the project, which will be closely followed up by Mayor Driba Kuma.     
The housing project is expected to be completed in a year with up to 40 percent of the work planned to be finalized during the current budget year.
The housing agency is currently undertaking the construction of more than 95,000 houses, which are expected to be transferred to registered home seekers this year.
The Ministry of Urban Development and Construction introduced four housing schemes which also included the 10/90 scheme, where low income home seekers are expected to deposit only the 10 per cent of the total cost and get loans from the Commercial Bank of Ethiopia for the remaining 90 per cent.
In 20/80 and 10/90 housing schemes alone over 787, 600 home seekers have been registered and are depositing money into their savings account opened at the Commercial Bank of Ethiopia.

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