MUFFA Launches Mortgage Finance Program
The Mutual Fund For Africa (MUFFA) Liberia has launched a US$300,000.00 mortgage finance program intended to provide low-income vulnerable women with affordable housing units.
According to the Manager of MUFFA Liberia, Naomi L. Yormie, the program is under the theme: “Victory over Poverty (VOP) walk” as the slogan suggests that MUFFA Liberia intends to make an impact on the war against poverty that is affecting the fabric of the Liberian society.
Madam Yormie stated that the initiative is geared toward providing low-income vulnerable women affordable housing options.
She indicated that this will significantly increase the number of women who will be able to own their houses, noting that this is a landmark initiative by MUFFA Liberia.
She explained that the opportunity to purchase homes through a long term mortgages will enable them to enjoy the benefit of home ownership without excessively bothering their income.
Madam Yormie stressed that the affordable mortgage and loan program will offer prospective Liberian women fixed and variable rates applied to mortgage loans with tenure of up to 10 years.
She noted that this will increase homes affordability by rejuvenating the low-income housing programs and its related projects that other institutions and Non-governmental Organizations (NGOs) have been engaged with in the past.
She pointed out that the program will help to take thousands of low-income women out of poverty by enabling them to stay in homes that are better structured and constructed to remove the burden of rental cost including other factors such as high health costs associated with poor living conditions due to housing.
Madam Yormie maintained that MUFFA Liberia stands to encourage significant economic growth in Liberia, especially when the socio-economic status of vast number of Liberians are in the dire state, adding the initiative will help to alleviate some hardship and also create hundreds of jobs.
She asserted the mortgage program is expected to be operational in 2018 to 2019 onward in coordination with plan to develop new residential neighborhood, predominantly owned by working class, middle class and low-income vulnerable women.
Meanwhile, the Assistant Minister for Urban Affairs at the Ministry of Internal Affairs, Abubaker Bah said Liberians should take advantage of the opportunity to own their homes.
Assistant Minister Bah stated that this will go a long way to transform the development of the country.
He stressed that housing units are essential to improve the living standard of the people and that government remains committed to transform the nation and its people.
The mortgage program was held Saturday, April 7, 2018 at the auditorium of the University of Liberia (UL) on Capitol Hill.