President Tinubu Set To Commission 1,000 Housing Units Renewed Hope City, Abuja

President Bola Tinubu is expected to commission 1,000 housing units in the Renewed Hope City, Abuja, in December 2024, making them available for purchase to interested Nigerians.
These 1,000 units are part of the 3,112-unit Renewed Hope City project in the Karsana District, which began in February 2024.

Housing Minister Arc. Ahmed Musa Dangiwa shared this update during the Property and Environment Writers Association of Nigeria (PEWAN) awards in Lagos on November 28, 2024, where he was honoured for his commitment to affordable housing and accessible mortgage solutions. The details were also provided in a statement on the Ministry of Housing and Urban Development’s official website.

“The Minister disclosed that a significant number of the units were close to completion, expressing optimism that 1,000 units of the Renewed Hope City in Abuja would be commissioned in December by Mr. President,” the statement read in part.
Dangiwa confirmed that the 1,000 units in Abuja set for commissioning next month will be available for purchase through the portal, https://renewedhopehomes.fmhud.gov.ng , bringing homeownership closer to many Nigerians.

What you should know

The Renewed Hope Cities is a key component of the Federal Government’s Renewed Hope Cities and Estates Programme, an initiative of the Ministry of Housing and Urban Development aimed at delivering 50,000 housing units under its first phase.

This phase includes one city in each of the six geopolitical zones and the FCT, along with estates in the remaining 30 states, each with one estate.

There are currently 14 active construction sites under the Renewed Hope Cities and Estates Programme, totaling 10,112 units nationwide. These consist of three Renewed Hope Cities and 11 Renewed Hope Estates, each estate comprising 250 housing units.

The Renewed Hope Estates are funded through budgetary provisions, with subsidies for infrastructure and free land from state governments.

In contrast, the Renewed Hope Cities, developed through Public-Private Partnerships, rely on private developers who finance the projects through high-interest loans and bear the costs of land acquisition and infrastructure.

Housing Minister Arc. Ahmed Musa Dangiwa recently disclosed that due to the differing funding mechanisms for the Renewed Hope Cities and Estates, the prices of completed housing units vary significantly.

Source:- Nairametrics