Western Cape Human Settlements Minister Bonginkosi Madikizela will deliver the opening remarks the Western Cape Affordable Housing Strategic Session at the Fountain Hotel, Cape Town at 9h10 15 August. All media are invited.
The session, hosted by the Western Cape Department of Human Settlements, will address some of the challenges that the affordable housing sector is facing, which will enable it to develop a strategic approach as to how best to deliver affordable housing to the gap market, or people earning between R3 500 and R15 000 per month.
The session will include presentations by banks, developers and government, with a view to enabling the department to fast track the development of affordable housing based on implementing the Finance Linked Individual Subsidy Program (FLISP).
The FLISP is a program where earners of the gap market may qualify for a housing subsidy, based on their level of income, and which is intended to lower the capital cost of the intended home. One of the challenges is that potential beneficiaries still need to finance the rest of the cost of the home though a bank loan, and many potential beneficiaries do not qualify for a suitable mortgage, according to the banks criteria.
The intended outcome of the session is a clear contextualization of the problems facing affordable housing delivery, with a long term strategic view to providing affordable housing solutions.