NAIROBI, Kenya, Jun 14 – Urithi Housing Cooperative has dispelled fears that the multibillion organization is insolvent and headed for collapse.
Urithi Housing Cooperative Chairman Samuel Maina said the company is not financially constrained and has received a go ahead from Family Bank.
“The organization is financially stable, and we have received a clearance letter from Family Bank which wanted to auction our 104-acre panorama gardens property on Thika-Gatanga road.
The bank had initially given the housing company 45 days to clear Sh45 million of debt arrears. Maina said they have worked to contribute Sh23 million shillings to clear part of their debt. “We have deposited Sh23 million shillings and we plan to re-negotiate the payment period for the loan,” he said.
The delay of payments was brought about by some investors who failed to submit their payments on time. “Some of the 400 members who invested in the project failed to remit their periodic contributions on time, understandably due to the harsh economic conditions,” Maina commented.
He further urged Kenyans not to panic since the company is working to complete the 60 projects and continued urging shareholders to complete pay their plots.
In the past six years the company has completed over a thousand housing units in Springviews in Thika, Plainsview in Juja, Gem1 in Witeithie and Lanet Homes in Nakuru and Juja).
The initially planned to complete and hand over all housing projects currently under construction in the next 12 months. They included Utange – Mombasa, Gem2 and Rongai Homes which were set for completion in the first quarter of 2019 to handle over to the members.
President Uhuru Kenyatta unveiled his Big Four Agenda during his inauguration to serve his second term in office where affordable housing is part of his agenda.
The housing sector have been making all necessary alignments to fit in the president’s vision. Treasury Cabinet Secretary Henry Rotich allocated Sh10.5 billion to cater for the construction of affordable housing units in the country.