The National Housing Corporation (NHC) is currently burdened with hundreds of unsold houses valued at approximately KSh 1.3 billion, despite the government’s continued investment in its affordable housing programme.
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A recent report by the Office of the Auditor General has revealed that by June of last year, the NHC had an inventory of unsold houses.
The statement of financial position reflects an inventory balance of KSh 1,305,018,402.
According to Note 20 of the financial statements, this includes KSh 1,275,730,014 worth of unsold houses held by the corporation.
“Despite some of the projects having been completed several years ago, the houses have remained unsold and hence continue to be reported as inventories,” the report states.
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“In the circumstances, the corporation may not have obtained value for money for the schemes implemented at KSh 1,275,730,014 included under inventories,” the report adds.
Management of the NHC has indicated that efforts have been intensified to market these unsold houses.
These efforts include increased engagement with county governments, savings and credit cooperative organizations (Saccos), Kenyans living abroad, and other relevant institutions.
How to get government houses
Currently, the corporation is renting out some of the houses, valued at KSh 843,032,824, to housing schemes while awaiting potential buyers. However, there are still houses worth KSh 432,697,190 that remain unoccupied.
The NHC lists all available units both for sale and rent on its website, including the required payments.
The issue of unsold houses presents a significant challenge for the NHC and raises concerns about the effectiveness and efficiency of the affordable housing programme.
As the government continues to invest in affordable housing, finding sustainable solutions to market and sell these properties is crucial to ensure that public funds are used effectively.
Source: TUKO.co.ke