The TDC Development Company says it will complete the construction of the second phase of the Tema Community 22 National Mortgage and Housing Finance (NMHF) project by the middle of this year.
The first phase of the project, which was on a pilot basis, saw the building of 204 units of one and two standard and expandable bedrooms for public sector workers
Mr. Ian Okwei, TDC Protocol Officer, told the Ghana News Agency in an interview that the second phase would comprise 201 units of two and three bedroom apartments.
He said when completed it would bring to 405 the number of housing units constructed for public sector workers under the pilot project.
According to him, all the houses from the first have been sold, an indication that the project could be successfully rolled out all over the country to help bridge Ghana’s housing deficit.
The houses, he said, would be given to public sector workers on a rent-to-own basis, with only monthly rent payments, and after a period, the occupant has the option to own the property.
Mr. Okwei added that GCB Bank Limited under the project was underwriting mortgages for the public sector workers at rates far below market rates, and with longer tenor.
He urged public sector workers such as teachers, medical officers, security services, and those who were paid by the Controller and Accountant General Department to visit the partner bank to apply for the mortgage.
He added that the bank would then access their eligibility and how much they could pay as rent per month to approve their application, after which they would liaise with the NMHF, for TDC to allocate the house to them.
Mr Okwei also said those who could afford were also permitted to pay outright for the houses instead of using the mortgage option.
Government, in 2018, approved the National Mortgage and Housing Finance Initiative, to stimulate the local currency mortgage market, and address the demand-side challenges of home ownership in Ghana.