A Sh5 billion affordable housing project has been launched in Kisumu county.
The Anderson Affordable Housing Project is expected to transform the housing landscape in the lakeside city, as demand grows.
The project is being undertaken by the Local Authorities Pensions Trust (Laptrust), the County Pension Fund (CPF) and the Kisumu government.
The project, which will be implemented in two phases, will have more than 1,200 housing units, designed in line with the national and Kisumu government's affordable housing agenda.
It will have, among other related facilities, shops and 950 parking spaces.
Governor Anyang' Nyong'o said the commencement of the project is a milestone towards their agenda to deliver quality housing for residents.
Housing, he said, is a critical pillar for revitalising economic growth but unfortunately affordable housing remains scarce and those available are often beyond the financial reach of many.
Nyong'o said the demand for new housing units in urban areas stands at an estimated 250,000 units annually, yet the supply lags significantly at just 50,000 units.
"Alarmingly, of these, 49,000 units cater to the upper-middle and high-end market, leaving a mere 1,000 units for the lower-income segment," he said.
"This disparity underscores the urgent need for innovative solutions, hence the Anderson Estate Housing Project exemplifies their commitment to bridging this gap by providing decent and affordable housing."
Nyong'o said the project not only promises to enhance the living standards of residents but also plays a crucial role in stimulating economic growth, spurring industrial development and creating employment.
“The Anderson Affordable Housing Project will not only provide decent and affordable housing to Kisumu residents but will go a long way in providing employment to thousands of youth and women through provision of labour, supply of building materials and catering services to the construction workers,” he said.
The governor said he has asked the project managers to ensure all non-technical jobs are reserved for residents.
"Together, we are committed to pioneering innovative solutions for the benefit of our people. This project is a testament to our shared vision of unlocking value from existing properties and delivering sustainable returns to our stakeholders," Nyong'o said.
CPF Group managing director/CEO Hosea Kili said the project marks a significant milestone in the CPF’s commitment to creating sustainable and inclusive communities that thrive on innovation and economic empowerment.
He said the demand for houses, especially in urban areas, is high.
Kili said the housing agenda presents an opportunity for pension funds to provide decent and affordable houses, stimulate economic growth and spur industrial growth.
“At Laptrust and the County Pension Fund, we strongly believe in leading the way in coming up with innovative ways of solving problems for the benefit of our members and stakeholders," he said.
"Laptrust, in line with its objective of delivering sustainable returns to its members, has a diversified investment portfolio that includes affordable housing as a way of unlocking value on existing properties across various counties."
