Affordable Housing Financing will give ordinary citizens the opportunity to become homeowners.
President William Ruto said the project will have two components, social housing and affordable housing, to ensure all Kenyans benefit from the programme.
The President observed that low-income earners will pay an interest rate of as low as 3 per cent a year as compared to the market rate of 18 per cent annually.
“We have an opportunity in our lifetime to change and transform Kenya,” he said.
The Head of State made the remarks during the groundbreaking of the 2,000-unit-Mzizima Affordable Housing Phase I and 1,400-unit-Buxton Point Affordable Housing Phase 2 in Mvita, Mombasa County.
The President also handed over the Buxton Point Affordable Housing Phase I to its new owners.
Earlier, in Lunga Lunga, Kwale County, President Ruto inspected the Ksh 2 billion Shimoni Fish Port and issued Ksh 691 million cheque to support Beach Management Units in the five coastal counties.
He also commissioned an electricity mini-grid in Wasini and Mkwiro Island, Kwale County.
Later, the President hosted Their Royal Majesties King Charles III and Queen Camilla during their visit to the Kenya Navy Base Mtongwe, Mombasa County.
Present were Deputy President Rigathi Gachagua, First Lady Rachel Ruto, Prime Cabinet Secretary Musalia Mudavadi, Cabinet Secretaries Davis Chirchir, Salim Mvurya, Alice Wahome, Aden Duale and Kipchumba Murkomen, Governors Fatuma Achani (Kwale) and Abdullswamad Nassir (Mombasa), a host of MPs and MCAs.