As part of Renewed Hope Cities and Estates initiative of the Federal Government, president Bola Ahmed Tinubu is set to flag off the construction of 3,112 housing units in the Karsana area of the Federal Capital Territory.

The groundbreaking exercise, scheduled for Thursday is part of a Public-Private Partnership project signed in December 2023 between the Ministry and a consortium of companies comprising Continental Civil and General Construction Limited, and Ceezali Limited for a total of 100,000 housing units nationwide.

This was disclosed in a press statement signed by the Special Assistant on Media to the Minister of Housing and Urban Development, Mr. Mark Chieshe.

According to the statement, the first phase of 20,000 housing units is set to be delivered in the FCT, out of which 3,112 units are to be constructed at the Karsana site.

“The ground-breaking exercise to be conducted by the President will mark the official launch of the Renewed Hope Cities and Estates programme, initiated by the Ministry of Housing and Urban Development to increase the housing stock in the country and bridge the prevailing housing deficit. The Cities will have a minimum of 1,000 housing units per site in one location in each of the six geo-political zones of the country and the FCT, while the Estates will have a minimum of 500 housing units per site in the remaining thirty (30) States,” the statement added.

In each of the six geo-political zones of the country and the FCT, the Cities will have a minimum of 1,000 housing units per site, while the Estates will have a minimum of 500 housing units per site in the remaining 30 states.

“The project is the first in a series that the Ministry will be embarking on in the coming weeks. Others are the 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos, 500-housing unit Renewed Hope Estate in Kano and 250 housing units in 12 states, two in each geopolitical zone, as Renewed Hope Estates in Ogun, Oyo, Akwa Ibom, Delta, Abia, Ebonyi, Nasarawa, Benue, Yobe, Gombe, Katsina and Sokoto.

“At the core of the Renewed Hope Cities and Estates programme is the cross-subsidy component where 80 per cent of the housing units developed will be sold at commercial rate while 20 per cent will be sold at concessionary rates to low- and medium-income Nigerians who are members of the Nigeria Labour Congress and the Trade Union Congress. The idea is to deploy profits made from the commercial units as a subsidy for the units reserved for low- and medium-income earners,” the statement added.