The National Housing Corporation (NHC) is facing a major challenge in selling its unsold houses, with an estimated worth of Sh. 1.3 billion, according to a report by the Auditor General.
The corporation has been struggling to attract buyers, with many of the houses completed years ago and still sitting idle.
The report revealed that the NHC has an inventory of unsold houses worth Sh. 1,275,730,014, with prices ranging from Sh. 1.58 million to Sh. 8.75 million depending on location and size.
Despite efforts to market the houses, including pitching them to individual buyers and institutions, the corporation has been unable to offload the properties.
In an attempt to generate some revenue, the NHC has resorted to renting out some of the houses, with an estimated value of Sh. 843 million currently being rented out. However, this is not enough to offset the losses incurred by the corporation.
The report by the Auditor General also highlighted that the NHC has an additional inventory of houses worth Sh. 433 million that are currently sitting idle.
The inability of the corporation to sell these houses has raised concerns about whether it will be able to return value for the money invested in them.
The unsold houses are located in various parts of the country, including Stoni Athi River, Homa Bay, and Kisumu Kanyakwar’s Phase Three.
The situation has cast doubt on the government’s ability to offload President William Ruto’s controversial affordable housing project in the market.
