Human Settlements and Banks to Sign Memorandum to Accelerate Affordable Housing

On Thursday 1 March 2018, the Western Cape Department of Human Settlements will sign a Memorandum of Understanding (MoU) with five (5) financial institutions operating in the affordable housing market. These institutions include ABSA Bank, First National Bank, Nedbank, Standard Bank and SA Home Loans. With the signing of the MoU, the parties pledge their commitment to accelerating the delivery of affordable housing in the Western Cape.

The inaugural signing of this MoU marks the commitment of public-financial partnerships to work together to:

• Increase financial offerings to clients in the middle and lower income brackets for affordable housing
• Improve the creditworthiness and affordability of clients
• Develop a minimum housing specification that would result in a more affordable housing unit.

The Gap and/or Affordable market refers to residents: with a monthly income between R3 501 and R15 000; who earn too little to access home loan finance; and also too much to access free housing subsidies from the government.

This public - financial partnership will also develop a more effective and user-friendly Financed Linked Individual Subsidy Programme (FLISP) application process.  All efforts by the parties are geared toward assisting the affordable market access finance and increase homeownership in the Western Cape.

All media is invited.

Details are as follow:

Date: Thursday, 1 March 2018
Time: 11h00 – 12h00
Venue: Boardroom 6, 2^nd Floor, Building D, Sunnyside Office Park, 32 Princess of Wales Terrace, Parktown, Johannesburg