- 8.2 billion of the 13.9 billion has been allocated for construction of affordable housing units, 3.5 billion for the Kenya Mortgage Refinance Company and Ksh 500 million for social housing units.
In the budget reading today, Cabinet Secretary Ukur Yatani has announced the allocation of Sh13.9 billion for the affordable housing project for the financial year 2021/2022.
Speaking while reading the budget at parliament buildings today, the CS said said the funds will help in addressing the housing challenge, particularly in urban areas.
“The urban area has continued to face the housing problem and to ensure the success of this initiative, I have proposed an allocation of Sh13.9 billion for the affordable housing project,” said Yatani.
Ksh 8.2 billion of the kshs 13.9 billion has been allocated for construction of affordable housing units, KSh3.5 billion for the Kenya Mortgage Refinance Company and Ksh 500 million for social housing units.
“The proposed allocations include Ksh7 billion to Kenya Affordable Housing Project Ksh 500 million construction of Social Housing Units; Ksh3.5 billion to Kenya Informal Settlement Improvement Project – Phase II; Ksh750.0 million for the Housing Units for National Po-lice and Kenya Prisons; and Ksh1.0 billion for construction of markets,” Yatani added.
The affordable housing project has faced a lot of reproach over the years for failing to deliver the 500,000 housing units by 2022 as promised by President’s Uhuru Kenyatta despite massive funds allocations.