South Africa: Western Cape sees $11mln investment boost for student housing
The Department of Human Settlements -- through the National Housing Finance Cooperation (NHFC) -- has announced its funding support for two 100% Black-owned developers to provide student accommodation in the Western Cape.
The funding is meant to alleviate the student accommodation challenge in that province.
Addressing the debate on the State of the Nation Address (Sona) held in Parliament on Wednesday, Human Settlements Minister Thembi Simelane announced that the first project in Belhar has received a funding facility of R40m to construct accommodation that can host 136 beds.
'The second project in Parrow for a building that started out as an affordable housing development programme, which received a R170m facility, has since been converted into student accommodation with 927 beds,' Simelane said.
The department, through the National Housing Finance Cooperation, has also partnered with some of the Traditional Authorities in the provinces, with a number of projects currently underway in the eThekwini, Umkhanyakude and Umgungundlovu District Municipalities.
In Inanda, north of Durban, Inkosi Mqiqi Ngcobo is allocating pieces of land to residents to build their homes with support from First Home Finance (FHF), with 59 houses completed, and 60 anticipated by the end of the financial year.
In Ndwedwe Local Municipality, under ILembe District Municipality, Ngcobo -- from Umlamula Traditional Council, Ozwathini -- has also allocated pieces of land for households to build their homes with FHF assistance, with nine completed houses and 18 at the enrolment stage.
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