NHC Unveils KSh25 Billion Affordable Housing Project

The National Housing Corporation (NHC) has unveiled a KSh25 billion housing project in Athi River, Machakos County. The project, dubbed Stoni Athi Waterfront City will be developed on a 150-acre piece of land with 10,500 housing units.

Five thousand units will be under the affordable housing plan by the government and will cost between KSh1 million and KSh3 million. Another 5,500 targeting the middle and upper-income households will be sold at the range of between KSh2 million and KSh8 million.

The area will also have business zones that will house malls, supermarkets, and other stores as well as social amenities including hospitals, schools, boat riding, playing grounds and parks for the residents.

Last week, the Capital Markets Authority (CMA) also approved the issuance of a KSh3.9 billion corporate bond for Urban Housing Renewal Development Limited, in an effort meant to facilitate affordable housing.

The bond would be issued through the Medium-Term Note Programme to support a housing project in Pangani, Nairobi meant to comprise 1,562 housing units.