EVALUATION OF THE CHALLENGES TO PROVIDING AFFORDABLE HOUSING IN NIGERIA
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EVALUATION OF THE CHALLENGES TO PROVIDING AFFORDABLE HOUSING IN NIGERIA
ABSTRACT
The context for this research study is the provision of affordable housing for Nigerians, particularly low-income households.
Housing is the provision of shelter; a place to dwell. Shelter should be adequate, inexpensive, and decent. Adequate in the sense that there are adequate high-quality rental and owner-occupied housing units for low-income families.
Affordable in the sense that low-income people can afford to pay their whole housing expenditures. Decent in that it lays the groundwork for good bodily and mental health, personal development, and achievement of life goals.
Affordable housing, however, remains a serious issue in Makurdi. Informal settlements and slums have grown in size, and they now house a sizable portion of the urban population.
The slums are distinguished by densely packed tin roofed and mud homes. There is also poor infrastructure in terms of sewerage, electricity, potable water, and access roads.
According to a UN Habitat survey, the entire demand for housing is 150,000 housing units, whereas the market only delivers 35,000 dwelling units. Due of the supply bottleneck, private developers have focused on the highest return market segments, which include the top income class.
It has been stated that the housing problem cannot be solved from the bottom up since the poor would continue to be overshadowed. Houses intended for the lower end may nonetheless be bought up by those in the upper income bracket, distorting prices and displacing the target market.
The solution would be for the government and socially motivated entrepreneurs to provide housing for the lower end of the market, while commercial actors and profit-driven entrepreneurs would cater to the upper income group (Macharia, 2011).
The research focused on the obstacles that low-income housing developers encounter. Challenges noted were the high cost of urban land, the difficult land acquisition procedure, high transaction costs, outmoded planning and building laws, and a lack of suitable infrastructure.
Chapter One:
INTRODUCTION
1.1 Background Of The study
Affordable Housing Overview
Housing is critical to quality of life, with significant economic, social, cultural, and personal implications. Though a country’s national prosperity is typically evaluated in economic terms, increasing wealth has diminishing value unless everyone can share in its benefits and the expanding income is not used to address growing social deficits, one of which is housing (Erguden, 2001).
Housing is an important factor in revitalising economic growth in any country, with shelter ranking among major indices of development (Ireri, 2010). According to the Universal Declaration of Human Rights, one of the fundamental human rights is the right to a decent quality of living, which includes access to sufficient housing.
Housing as a basic human right requires urban inhabitants to have access to appropriate housing, which is described as one that promotes, rather than hinders, good physical and mental health, personal development, and the achievement of life goals (Seedhouse, 1986). This research focusses on low-income housing, also known as affordable housing.
Affordable housing refers to dwelling units whose overall housing costs are considered “affordable” to individuals with a median income. A median income is the average pay scale level of the majority of persons in a population, which is typically low.
Although the term “affordable housing” is frequently used to refer to rental housing that is within the financial reach of those in a geographical area’s lower income brackets, the notion applies to both renters and buyers of all income levels (http://www.answers.com).
Low-income housing is intended for people who do not earn enough money to provide decent accommodation for themselves or their families. These families are typically unable to buy a home since they do not qualify for a mortgage.
Most families opt to rent based on their income and family status; however, there may not be enough rental property, particularly high-quality rental housing, for low-income families.
1.2 Statement of the Problem
There is an obvious shortage of suitable, affordable, and quality housing for low-income households. There are too few companies in this industry, and there appears to be little interest from other private sector housing developers in providing low-income housing units.
These private sector developers’ success in the middle and high income housing sectors suggests that they may have the capacity and skill set to offer the low-income homes needed to ease, at least partially, the country’s housing shortage (Hassanali, 2009).
However, they have avoided the low-income market primarily because the profit margins are lower when compared to housing constructions in other areas.
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