National Housing Fund Scheme (NHFS)
Legal Framework
Act 3 of 1992 established the National Housing Fund (NHF). Section 2 of the Act outlines the aims and objectives of the fund. Sections 20, 21 and 22 defines the offences and penalties for non-compliance. Act 3 is being amended to bring it in line with new realities aimed at strengthening the National Housing Fund.
About the Fund
Mobilization of funds for the provision of affordable residential houses for Nigerians. Commercial and Merchant Banks to invest 10% of their loans and advances portfolio. Insurance Companies are mandated to invest 20% of non-life and 40% of life funds in the housing sector with 50% of these directly in the funds. Financial contributions of the Federal Government.