|Watumishi Housing Company CEO, Fred Msemwa.|
“We are determined to construct affordable houses for low earning Tanzanians and have in place a solid mechanism to enable individuals to raise funds and buy houses,” WHC Chief Executive Officer (CEO), Fred Msemwa said in Dar es Salaam yesterday.
He said the fund, which is scheduled for official launch by next January, will encourage individuals, especially new entrants into the labour market, to invest gradually, albeit small amount over time for house purchases.
Said Dr Msemwa: “And, we want the fund to operate as flexibly as possible…investors will have the discretion on the best way to use their money.” The Nyumba Fund will be investing the raised money to generate profits that will be credited to the investors, said Dr Msemwa, “So, the investors’ principal investments will be growing through earned profits.”
WHC, which the government established in 2013 to build 50,000 houses under the public servant housing scheme for sale to public servants, has so far invested about 42bn/- in the construction of 943 housing units.
The company has as well constructed 186 teachers’ houses in remote areas as part of the government initiatives to improve the working environment for teachers in rural areas.
“We are particularly proud of the teachers’ housing project that we have successfully implemented in 19 regions,” said Dr Msemwa, recalling the hitches experienced during the project execution, “We had to use donkeys to get construction materials to some project sites.”