Tanzania: $48m released for housing project
Watumishi Housing Company (WHC) is going to construct 50,000 housing units that government workers will be able to buy through a low-interest mortgage system. The units will be built in five phases, of which the government has released US$48.24m for the construction of the first phase.
The government of Tanzania has partnered with Watumishi Housing Company (WHC) for the construction of housing units for public servants across the country.
WHC is a public entity tasked with managing Real Estate Investment Trusts (REITS). The demand for housing in Tanzania is on the rise, mainly attributed to the rising urbanisation. Currently, there is a deficit of about 3 million units, with the demand for housing units growing at 200,000 per year.
Public servants are the ones affected most due to the fact that they are posted in different regions in the country. This move comes with the challenge of finding accommodation in the new work placement.
Read the full article here: http://constructionreviewonline.com/2014/08/05/us48-2m-released-tanzanian-government-housing-project/