Urithi Housing Cooperative will soon construct 5000 housing units this year for its members. According to the Union, the implementation of the project is line with the Jubilee government agenda of providing decent affordable houses for Kenyans.
The says the project is being implemented under a programme dubbed Utahama lodging lini the Housing Co operative has decided to partner with the government to put up houses for the low income earners through soft loans to its members.
Muthuri defined lodging as any temporary dwelling that is either postpaid or prepaid by anyone with the intention of spending a night or day in it.
The government has an uphill task of stopping the proliferation of informal housing within the urban centers and this can only be done through the private public partnership currently adopted by Jubilee government.
Muthuri said his society is determined to compliment the Jubilee government’s agenda of providing one million decent and affordable houses to Kenyans in the next 5 years.
Already several projects are running and others are complete and members of the Society have been turned into home owners through their monthly savings through the Urithi Housing Cooperative Society.
He cited Josten, in Nakuru County, Utange in Mombasa, Juja Nyumba Kumi and Gatuanyaga in Kiambu County as some of the housing projects financed through internal cash reserves by SACCO members.
He explained that Urithi Members are allowed to occupy their houses even before they clear their loan balance and given an opportunity to clear the loan through monthly rent payment.
Muthuri who was speaking to KNA in his Thika offices concluded by revealing that the Urithi Premier Sacco provides soft loans to its members to buy the houses with a re payment period of 4 years at a rate of 1% on reducing balance.
Source: Kenya News Agency