EVALUATION OF SIGNIFICANCE OF HOUSING FINANCING MODELS TO DELIVERY
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ABSTRACT
Housing is an integral element of a nation economy. Thus, focus on finance for housing projects has been more prominent due to huge financial resources that is required for provision of decent houses which is practically not at the disposal of low income earners in Nigeria. The aim of this study is to evaluate the effect of housing financing models on the delivery of housing project with a view to enhance availability and affordability of houses for low and middle income class. Literature review has revealed that Niger State Government, at all levels, accorded high priority to the provision of low-cost housing. Thus the government has adopted PPP as a procurement method for affordable housing development and it has not been fully realized. Quantitative approach through questionnaire survey was used to collect data from Developers, Government representative, Financial Institution, Primary mortgage institution and Professional in the build environment such as Architect, Quantity Surveyor and Builders. This study employed the use of random sampling technique in the selection of the study respondents. A total of 200 questionnaires were administered and 150 were retrieved, this number was considered adequate for analyses. The data collected were subjected to descriptive statistical analysis using mean score and data reduction techniques on SPSS. From the results of quantitative analysis, mean and ranking were used to arrive at a decision which affirm the use of Mortgage payment subsidy model (mean score of 4.40), down payment grant financing model (mean score of 4.03), Secondary market mortgage finance model (mean score of 3.84), Housing cooperative model (mean score of 3.53) and Unbundle mortgage finance model (mean score of 3.52) as viable alternative to financing model currently in use to finance affordable housing project by Niger State government. This study identified most severe factors influencing the models such as; stringent condition with (Eigenvalue of 7.461), funding with (Eigenvalue of 1.342), research and development with (Eigenvalue of 1.290), government programme and policies with (Eigenvalue of 1.152) and project to be financed with (Eigenvalue of 1.017). It also identified the most severe challenges associated with the models such as; capital base, access to finance, poor government policies inflation, building materials, land use act, property registration and infrastructural challenges. The study developed a frame work to show the effective financing models and the factors and challenges associated with selected models. It was concluded that all the selected factors and challenges should be considered when choosing a model. The study therefore recommends that, Government, housing providers and Developers should adopt the framework for effective and successful delivery of housing project in Niger State.
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