Housing Authority, Chaste Mutual Investment Limited Agree to Build 100, 000 Homes in Liberia

NHA Officer –in –Charge Johnson at head of table and Dr. Ayo S. Olatunde, Chief Executive Officer of Chaste Mutual Investment Ltd (2nd left) during the signing ceremony

MONROVIA – The National Housing Authority and Chaste Mutual Investment Limited of Nigeria, last Friday, signed a Memorandum of Understanding (MoU) for the Nigerian investor to construct 100, 000 housing units in Liberia an NHA press release said yesterday.

According to the MoU, Chaste Mutual will be responsible to manage the construction of 100,000 housing units by providing financial and technical support while the NHA will provide the architectural support.

 The agreement was signed in the conference room of the NHA (Friday, January 11, 2019), and Madam Tonia D. Johnson, (Officer-in-Charge at the NHA) signed for her entity and Chaste Investment’s Chief Executive Officer, Dr. Ayo S. Olatunde, signed for his entity.

 Madam Johnson welcomed Chaste Investment’s interest to build 100,000 affordable homes in Liberia and noted that she will work along with the Ministry of Internal Affairs to acquire lands in Grand Bassa and Margibi counties for the project.

 She added that her entity is excited about the interests of investors who want to work with the NHA to live up to its responsibility as an agent of the Liberian government clothed with the authority to develop and implement a comprehensive and integrated housing program which embrace, among others housing development and resettled, sources and schemes of financing and delineation of government and the private sector participation.

 She explained that the NHA’s authority extends to entering into management and financial contracts, agreements or understanding with any person (corporate or natural), firm, associations or partnerships for the efficiency of its program.

 Responding, Dr. Olatunde said the agreement to build 100,000 affordable homes in Liberia is in fulfilment of the Liberian government’s Pro-Poor Agenda for Transformation and Prosperity. He said his entity has the capacity and experience to construct housing units as anticipated by the Government of Liberia.

 It may be recalled that since the new management took over the NHA, it is the second time that a real estate investor has made the commitment to build affordable housing units in the country. The first was Techno Construction Limited who would build 10,000 housing units in three phases in the country.

The National Housing Authority (NHA), is the agency of the Government of Liberia enacted into law on April 7, 1960, that has the statutory responsibility to provide affordable homes nationwide through support from foreign investors who are interested in the real estate sector, the press release said.