Boma Yangu is an affordable housing initiative run by the Kenyan government. It aims in addressing the challenges of housing accessibility and affordability for citizens across the country. The program also aims in fulfilling the constitutional right of every Kenyan Citizen as outlined in Article 43(1)(b) of the Kenyan Constitution which states that ‘Every Person has the right to accessible and adequate housing, and to reasonable standards of sanitation.
Boma Yangu has gained significant traction with it being one of the key focus areas in both the former president Uhuru Kenyatta and current president, William Ruto. This initiative is meant to give hope to many Kenyans aspiring to own their own homes at affordable rates. In this article, we will delves into the key aspects of Boma Yangu, shedding light on how this program is working and how it is also transforming the housing landscape in Kenya.
The Vision behind Boma Yangu
Boma Yangu, which means “My Home” in Swahili, was started in response to the problems with housing that many Kenyans experience, including high costs, restricted access to financing, and the growth of informal settlements. With a concentration on low- and middle-income earners, the program aims to provide Kenyans with good housing that is both affordable and available. It seeks to improve the conditions for home ownership while fostering sustainable urban growth and addressing the nation’s housing need.
The following income brackets’ housing needs are supposed to be met by the affordable housing program:
- Up to KES 19,999 in Social
- Cost-effective: KES 20,000 to KES 49,999
- Mortgage Gap: KES 50,000 to 149,999
The Affordable Housing Program (AHP) intends to give these income levels accessible and conventional living spaces because they make up the majority of the housing market. The objective is to advance human dignity, which also significantly establishes and advances social equity.
Key Features of Boma Yangu
- Affordable Housing Units: Boma Yangu works with the government, private developers, and financial institutions to offer affordable housing to eligible Kenyans. Due to the high quality standards of these units and their affordable prices, more people may now afford to become homeowners.
- Financing Options: Boma Yangu provides prospective homeowners with a variety of financing choices in recognition of the financial challenges that many people encounter. These include mortgage resources, home funding options, and working with financial institutions to offer low-interest loans with flexible repayment terms.
- Infrastructure Development: Boma Yangu places a strong emphasis on the creation of supporting infrastructure in housing complexes, ensuring the availability of necessities like water, electricity, and road systems. The livability and sustainability of the housing developments are improved by this integrated approach.
- Partnership with County Governments: The initiative works with county governments to find land that will work for housing projects. Boma Yangu ensures the effective distribution and development of land for affordable housing by making use of the local knowledge and resources of county administrations.
Eligibility and Application Process
Candidates must fulfill a number of requirements, including as citizenship, age, and income requirements, in order to be eligible for Boma Yangu. The initiative gives first-time homebuyers and people with low incomes priority.
Any interested person can easily register for Boma Yangu Affordable Housing Program through going to the official Boma Yangu website (https://www.bomayangu.go.ke/).
The application process entails providing the evidence that you are a Kenyan Citizen either by providing a valid National ID Number or Passport Number to ascertain eligibility.
Registration is very easy in which you can register on the Boma Yangu housing website, either online or by dialing USSD *832# on your phone. A member’s account will be created instantly after registration. Registration can also be done through e-Citizen then going to Boma Yangu Portal.
Benefits of Boma Yangu:
- Affordable Homeownership: Boma Yangu gives Kenyans the chance to affordably fulfill their ambitions of property ownership. The program lessens the financial strain and prepares the way for sustainable homeownership by providing subsidized flats and accessible financing choices.
- Improved Living Standards: Boma Yangu raises beneficiaries’ living standards by emphasizing high-quality homes and necessary infrastructure. The general health and quality of life of homeowners and their families are improved by having access to clean water, power, and adequate sanitary facilities.
- Economic Growth and Job Creation: The Boma Yangu program promotes cooperation with private developers and financial institutions in order to support economic growth. Increased activity in the real estate and construction industries results in the production of jobs and money for a variety of stakeholders.
- Reduction of Informal Settlements: Boma Yangu seeks to lessen the strain on slums and informal settlements by offering cheap housing options. With the goal of improving urban growth and addressing the housing shortage, the initiative promotes the shift from informal dwelling to official, planned communities.
- Offering tax incentives: Registered individuals are eligible for a tax relief equal to the lesser of 15% of their gross income or their actual savings, up to a monthly maximum of Kshs 9,000. Individuals who register as members and are self-employed are also eligible for the tax relief. The same tax advantage will apply to voluntary savings. Employers will include tax credits and deductions in employees’ paychecks, while self-employed individuals will take credit when determining their tax obligations. For first-time homebuyers, the government will also waive the stamp duty fee.
How to Apply for Boma Yangu Affordable Houses
Anyone who wants to purchase an affordable house under the AHP program must first register on the Boma Yangu housing website, either online or by dialing *832# on their USSD. A member’s account will be created instantly after registration.
This will provide you the opportunity to start saving for your home and to choose the type of dwelling you want from the current or upcoming housing stock. Those who meet the requirements can apply after registering and making a contribution to the Housing Fund, and they will take part in a regular and open allocation process for the properties that are available.
On completion of registration on the affordable housing portal, one can then begin making Savings and qualify for affordable housing. Allocation of a house has no specified period but as soon as developers begin constructing other affordable houses.
Payments and Savings for Boma Yangu Affordable Houses
After signing up on Boma Yangu, log in and select “save now” from the menu. This will enable you to use Mpesa to save money to your account. The Boma Yangu Paybill Number for Mpesa is 005500. For Account Number, enter your ID Number
Paybill No.: 005500
A/C No: ID Number
Additionally, you can add money to your account by depositing money at any of the authorized collection banks. The AHP website bomayangu.go.ke will post a list of the cooperating banks and agencies.
In order to complete the Saving, be sure to enter your national ID number.
Payments for the affordable houses are determined by the house chosen and assigned which also determined the price to be paid for the home. After considering the size of the deposit provided and the preferred payment period, the monthly installments will be calculated. There will typically be a 15–25 year payment period.
Houses Provided by Boma Yangu
Boma Yangu initiative runs countrywide with affordable houses being built in different parts of Kenya. If you need to know or search specific affordable houses, kindly check the Boma Yangu projects which can be found here: https://www.bomayangu.go.ke/projects/
Boma Yangu is an important step in addressing the housing issues that many Kenyans confront. For those looking to buy a home, the initiative’s dedication to affordable housing, open access to financing, and infrastructure development provides opportunity and optimism. As Boma Yangu grows, it will have a significant impact on Kenya’s housing market and pave the way for inclusive and sustainable urban growth.