Members of the National Cooperative Housing Union (Nachu) have no reason to smile following the discontinuation for their housing project that was being implemented by the SACCO. This decision was necessary after reduced contributions and repayments pointed at the imminent loan defaults impacted by the pandemic.
The chairman of the sacco Mr Francis Kamande reported that many of 400 housing units beneficiaries had come forward to request for partial release of their savings in order to meet their daily needs, most of them have lost their jobs or suffering from low income.“The impact of the pandemic in the housing sector has seen us put brakes to numerous housing projects being funded by us for individual members and those fronted by housing co-operatives,” he said.
Before the pandemic, Nachu had created a positive profile as a SACCO having constructed 2000 affordable housing units for the members of their federated housing projects with yet four projects under construction in Nairobi, Laikipia, Kakamega and Nakuru. Kisumu, Machakos and the Coastal region are some of the areas the SACCO is targeting to develop other 400 affordable units for members.
The chairman also added that the SACCO had rescheduled about sh500 million worth loans owed to it by various parties such as Boda Boda riders, co-operative societies , hotels and small-time traders in fresh produce in the past quarter.
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