President William Ruto will on Thursday afternoon preside over the ground-breaking ceremony for the construction of the Lapfund Bellevue Park Residence in Nairobi.
This is in line with the government’s plan to ensure affordable and decent housing for Kenyans.
Under the National Development Plan Vision 2030, the government had targeted to provide 200,000 housing units annually for all income levels.
With only 50,000 new housing units supplied every year, Kenya faces a shortage of about two million housing units.
Most of the housing units are built by the private sector, with 80 per cent targeting the high-end market and only two per cent for the middle-income population.
However, the Kenya Kwanza government wants to change this trend where President William Ruto plans to deliver 250,000 affordable housing units annually to Kenyans.
The Finance Bill 2023-24 proposes a three per cent deduction of basic salary to go towards the National Housing Development Fund, with the employer expected to match the contribution.
Ruto jetted back into the country in the morning after the conclusion of his five-day foreign tour to Europe.