Major Boost for Student Accommodation and Home Ownership Initiatives in SA

This comprehensive strategy aligns with President Cyril Ramaphosa's vision to enhance housing access and restore dignity for citizens through home ownership opportunities.

The Department of Human Settlements, through the National Housing Finance Corporation (NHFC), has announced significant funding to address critical housing challenges in the Western Cape and beyond.

Student Accommodation Projects: Two 100% black-owned developers will receive funding to provide much-needed student accommodation in the Western Cape, aimed at alleviating the student housing crisis:

• Belhar Project: A R40 million funding facility will support the construction of student accommodation with 136 beds.
• Parow Project: A R170 million facility will convert a former affordable housing development into student accommodation, providing 927 beds.

Support for Housing in Traditional Authority Areas: The department, through NHFC, has partnered with Traditional Authorities to promote housing developments in KwaZulu-Natal:

• Inanda, eThekwini: 59 houses have been completed with the support of First Home Finance (FHF), and 60 more are expected by the end of the financial year.
• Ndwedwe, iLembe District: Under the Umlamula Traditional Council, 9 houses are completed, and 18 are in the enrolment stage with FHF assistance.

First-Time Home Buyers Support: The government has made strides in supporting first-time home buyers through the First Home Finance (FHF) Programme (formerly FLISP):

• 5,082 households were assisted in the 2023/24 financial year, exceeding targets.
• The programme helps individuals earning between R3,501 and R22,000 per month access home ownership.
• Future Outlook (2024/25): Plans are in place to disburse 140,000 gap market subsidies to middle-income households near economic centres.

Title Deeds Provision Initiative: The department aims to streamline the issuance of title deeds to promote land tenure security and property asset leveraging:

• A new dispensation will allow municipalities to seek exemptions from SPLUMA provisions to accelerate title deed distribution.
• A target to issue 80,000 title deeds over the next five years has been set.
• Funds from Human Settlements Grants will be earmarked to support serviced stands across provinces and metros.

This comprehensive strategy aligns with President Cyril Ramaphosa's vision to enhance housing access and restore dignity for citizens through home ownership opportunities.