[ 2021-03-14 ]

Government to help Ghanaians pay house rents with new scheme
Government, as part of some new initiatives and
additional reforms to be implemented across
several sectors of the economy this year, is
planning to establish the National Rental
Assistance Scheme (NRAS) to help Ghanaians pay for
house rents in advance.


The scheme with a seed fund of Ghs 100 million,
Caretaker Finance Minister Osei Kyei Mensa-Bonsu,
presenting the 2021 Budget Statement to Parliament
indicated, will crowd-in additional investment
from the private sector.

Under the scheme, eligible Ghanaians will be
provided low-interest loans to enable them pay for
rents in advance.



Government has since last year, embarked on
initiatives such as the National Mortgage Scheme
(NMS) and the Affordable Housing Real Estate
Investment Trusts (REITs) (Rent-to-own) Schemes
aimed at resolving home ownership challenges faced
by Ghanaians as well as significantly reduce the
nation’s housing deficit in the long term.

The two schemes set up under the National Housing
and Mortgage Fund (NHMF), reduces mortgage rates
by over 60 per cent, compared to the average
market rate of 28 per cent.


The Affordable Housing REITs also promotes the
rent-to-own scheme with only monthly rent payments
and after a period, the occupant has the option to
own the house.

President Akufo-Addo in the later part of last
year commissioned 204 affordable housing units
constructed under the the National Mortgage Scheme
(NMS) and the Affordable Housing Real Estate
Investment Trusts (REITs) (Rent-to-own) Scheme at
Tema Community 22.


The commissioning of the housing units by the
president followed the successful 2-year piloting
phase of the two housing schemes.

Source - NorvanReports

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