Housing Finance gets sh30b boost
May 14, 2007
PARLIAMENT has authorised the Government to capitalise the Housing Finance Company of Uganda (HFCU) with sh30b. <br>
By John Odyek
and Joyce Namutebi
PARLIAMENT has authorised the Government to capitalise the Housing Finance Company of Uganda (HFCU) with sh30b.
The money will come from the proceeds of the sale of the Government pool houses. Fred Omach, the finance state minister, moved the motion.
He said Housing Finance should use the money to strengthen its capital base.
HFCU is the leading local mortgage institution with about 75% market share. The company’s shareholding consists of the Government (49.1%), the National Social Security Fund (50%) and the National Housing and Construction Companies (0.9%.â€
The institution was incorporated in 1967 as a private company to provide mortgage finance for the construction of residential houses. It also deposits from the public.
Livingstone Okello Okello (Chua), complained that the people to benefit from the money were city dwellers.
He urged mortgage services should be expanded to the villages. He observed the firm’s officials harrass borrowers when recovering loans.
Sarah Nyombi (Ntenjeru), said the sh30b was little and would only serve a small number of people in Kampala.
The committee on national economy said there was a high demand for decent housing. with people seeking affordable home ownership as well as decent rental units.
and Joyce Namutebi
PARLIAMENT has authorised the Government to capitalise the Housing Finance Company of Uganda (HFCU) with sh30b.
The money will come from the proceeds of the sale of the Government pool houses. Fred Omach, the finance state minister, moved the motion.
He said Housing Finance should use the money to strengthen its capital base.
HFCU is the leading local mortgage institution with about 75% market share. The company’s shareholding consists of the Government (49.1%), the National Social Security Fund (50%) and the National Housing and Construction Companies (0.9%.â€
The institution was incorporated in 1967 as a private company to provide mortgage finance for the construction of residential houses. It also deposits from the public.
Livingstone Okello Okello (Chua), complained that the people to benefit from the money were city dwellers.
He urged mortgage services should be expanded to the villages. He observed the firm’s officials harrass borrowers when recovering loans.
Sarah Nyombi (Ntenjeru), said the sh30b was little and would only serve a small number of people in Kampala.
The committee on national economy said there was a high demand for decent housing. with people seeking affordable home ownership as well as decent rental units.