Treasury launches the Kenya Mortgage Refinance Company to deliver affordable housing

Contrary to the naysayers – and in spite of political pandering and procrastination – we can almost immediately execute a simple two-pronged plan to fix mortgage financing. Department of the.

READ ALSO: Uhuru launches mortgage refinance company to boost affordable housing agenda Since the Jubilee government came to power in 2013, the public debt has risen from about KSh 1.8 trillion to KSh 5.4 trillion in May 2019 according to the Central Bank of Kenya (CBK) data.

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Set up the Kenya Mortgage Refinancing Company (KMRC) to manage low cost liquidity for mortgages. Launch projects to create momentum.. Reduction in the property transfer costs for social and affordable housing (Treasury, Ministry of Lands, AG) LINKS. President’s Delivery Unit;

“President Kenyatta identified provision of low-cost housing units as a major delivery. Kenya Refinance Mortgage Company has since been formed and has attracted seed capital from the World Bank.

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– Uhuru said the new venture is aimed at addressing the deficit in housing created by the huge rise in the country’s population. President Uhuru Kenyatta on Wednesday, May 22, launched the Kenya Mortgage Refinance Company (KMRC), a financial institution whose sole function will be to provide long-term loans to primary mortgage lenders.

Team leaders including CSs, PSs and CECs agree to resign if they fail to deliver. committed themselves to is the launch of the Kenya Mortgage Refinance Company, which is at the heart of delivering.

The National Treasury is contributing to the Affordable Housing agenda through the establishment of a liquidity facility (The Kenya Mortgage Refinance Company) in order to address inherent financing challenges and unlock liquidity for affordable housing.

Kenya to set up mortgage refinancing company to meet housing demand. The Treasury, which will follow Nigeria, Tanzania and Malaysia in establishing a mortgage refinancing company, hopes KMRC will help to tackle this problem through provision of long term funding to banks.

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"We expect the refinance company to significantly contribute to the development of the housing finance market in Kenya and help reverse the low mortgage penetration, by increasing the number of mortgages from the current 26,000 to over 60,000 by the year 2022," the President said.

The Kenya Mortgage Refinancing Company (KMRC), which was launched on Wednesday, will begin its operations early next month – issuing bonds and mobilising funds from global financiers. KMRC, the country’s first secondary mortgage financier, is expected to slash interest rates on home loans to single digit from the current rate of 13.5 per cent.