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Kenya Sees $545 Million for Affordable-Housing Fund in 2018

  • Employees, employers contribute 1.5% of their pay into fund
  • President plans to provide 500,000 new homes before term ends
Kenyan Inflation Rate Rises for First Month in Five in January
Photographer: Riccardo Gangale
Updated on

Kenya plans to raise as much as 55 billion shillings ($545 million) this fiscal year for an affordable-housing fund through a new tax, helping the state to finance 500,000 new low-income units promised by President Uhuru Kenyatta.

The average cost for each unit will be 2.3 million shillings, Principal Secretary for Housing and Urban Development Charles Hinga said Monday at a forum in the capital, Nairobi.