The Board of Directors of the Social Housing and Mortgage Finance Fund (SHMFF) has approved the offering of 125,000 residential units (100,000 social housing and 25,000 middle-income housing units), as part of phase I of President Abdel-Fattah El-Sisi’s initiative to provide homes for all citizens, Invest-Gate reports.
The new houses are found across Greater Cairo and most governorates in Egypt. However, cabinet approval on sale prices and income limits of these units is still pending, said CEO of Social Housing and Mortgage Finance Fund (SHMFF) Mai Abdel Hamid in an official statement on September 17.
This came during the SHMFF board of directors meeting with Minister of Housing, Utilities, and Urban Communities Assem El Gazzar, where the offering of an additional 3,869 social housing units, under the Central Bank of Egypt (CBE) mortgage finance initiative to low-income citizens, has been nodded.
Unit areas are up to 75 square meters and are nestled within Ismailia, Sharqia, Minya governorates, besides New Akhmim in Sohag and New Qena in Qena province, Abdel Hamid further revealed.
Last July, the CBE has been given the green light to extend EGP 30 bn, partly borne by the finance ministry, for subsidizing the execution of 250,000 social housing units nationwide until 2023, according to an earlier statement.