News / Local
City council to partner Metbank in housing project
27 Dec 2017 at 07:36hrs | Views
BULAWAYO City Council (BCC) has announced plans to partner with Metbank in the development of 816 high-density residential stands in Emganwini to ease the housing backlog, a new report has revealed.
A report prepared by council's department of engineering services, indicated that discussions on the matter between BCC and Metbank, were currently underway.
"The director of engineering services reported (on) 13th November 2017 that a proposal was sent to Metbank in line with council policy of partnership in the development of 816 high density residential stands R/E of Emganwini," part of the report seen by NewsDay read.
"The bank had responded indicating that they were willing to partner the city in the residential development. The bank pointed out that they would avail funding for servicing of housing development and that they would avail a loan to council for the provision of offsite infrastructure should council need such a loan."
According to the report, council will provide land, technical expertise and goodwill while the bank will provide finance to fully service the stands with sewer, water and roads and construct houses thereon.
The report says in line with council approved policy of August 7, 2014 on involvement or engagement of private developers in housing delivery, the establishment of a partnership was a "welcome move as it will unlock housing development in the area with benefits of providing the residents with the much-needed housing as well as increasing council's revenue base as the residents will pay rates in perpetuity".
The two parties would then share the stands after completion of the project.
Council has sealed a similar deal with FBC bank to develop low-density houses in Luveve.
BCC's housing backlog is currently pegged at around 115 000.
A report prepared by council's department of engineering services, indicated that discussions on the matter between BCC and Metbank, were currently underway.
"The director of engineering services reported (on) 13th November 2017 that a proposal was sent to Metbank in line with council policy of partnership in the development of 816 high density residential stands R/E of Emganwini," part of the report seen by NewsDay read.
"The bank had responded indicating that they were willing to partner the city in the residential development. The bank pointed out that they would avail funding for servicing of housing development and that they would avail a loan to council for the provision of offsite infrastructure should council need such a loan."
The report says in line with council approved policy of August 7, 2014 on involvement or engagement of private developers in housing delivery, the establishment of a partnership was a "welcome move as it will unlock housing development in the area with benefits of providing the residents with the much-needed housing as well as increasing council's revenue base as the residents will pay rates in perpetuity".
The two parties would then share the stands after completion of the project.
Council has sealed a similar deal with FBC bank to develop low-density houses in Luveve.
BCC's housing backlog is currently pegged at around 115 000.
Source - Newsday
