Limbe Hosts Over 137 Low-cost Houses

A loan agreement between Credit Foncier du Cameroun and Options for Homes was signed on January 21, 2016.

To keep pace with President Paul Biya’s policy of sustained low-cost housing, Credit Foncier du Cameroun (CFC), a State Corporation, has offered a loan of FCFA 485,832,126 to Options for Homes Housing Cooperative Society Limited, a private company legalized in Cameroon. The money will be paid back in thirty-six months on a six-percent interest rate especially after a grace period of one year.

The General Manager of CFC, Jean Paul Missi (donor) and Options for Homes’ President and Chief Executive Officer, Henry Neba Awantoh (receiver), both appended their signatures on the loan document in the eyes of several dignitaries of various ranks and prerogatives.

The Minister of Housing and Urban Development, Jean Claude Mbwentchou, supervised the signing of the loan agreement in Mokundange (Limbe II Sub-Division) in Fako Division of the South West Region last January 21, 2016.

The loan agreement will result in the construction of 137 low-cost houses on part of the 15 hectare-land already acquired in no distant future for buyers or tenants. The promoter of Options for Homes already started erecting dozens of houses on the piece of land and the loan has come to boost their exploit. This would be the first phase of a 1000-low-cost homes conceived by Options for Homes in Fako Division through their Ocean View Estate Housing programme.

Minister Mbwentchou sitting in for the Minister of Finance announced that henceforth all transactions related to low-cost housing in Cameroon are exonerated from the Value added Tax (VAT).  He assured Government support to low-cost housing initiatives by constructing access roads to the sites as well as financing and easing the acquisition of land titles. The Minister noted with delight that it was the first time a private low-cost housing initiative was happening outside Yaounde and Douala.

Mr. Jean Paul Missi, General Manager of Credit Foncier du Cameroon (CFC), a housing funding corporation, restated their mission of financing housing in general and low-cost housing in particular. He announced that his company has revisited its portfolio by facilitating access to finances for promoters and buyers of houses, augmented the envelope, reinforced their institution and improved on services at their counters. This has resulted in providing commercial answers to all segments of the housing market especially with FCFA Four Billion already loaned out to youth below 35 years since 2014. The CFC created in 1977 has till date offered FCFA 305 Billion as loans. After stagnating for a while, CFC awarded loans to residents of the South West Region amounting to FCFA 794 Million in 2014 and shot up to FCFA 1.772 Billion in 2015. The promoters of Ocean View low-cost housing have promised to extend their ambition to Buea, South West Regional Headquarters and Kumba, the economic capital city.