National Housing Corporation (NHC) Faces Financial and Administrative Challenges: A Closer Look

 

Kenya's National Housing Corporation (NHC) is under scrutiny due to significant financial and administrative irregularities. Let's delve into the key findings revealed by the Auditor General:

1. Unsold Houses:

   - The NHC holds Sh3.2 billion worth of unsold houses. Some of these properties have been completed for years but remain unoccupied.

   - The lack of buyers raises questions about the corporation's marketing strategies and housing demand.

2. Land Ownership Documents Missing:

   - Shockingly, there are no ownership documents for 48 parcels of land owned by the NHC.

   - The absence of proper documentation jeopardizes land tenure and legal rights.

3. Tenant Purchase Loans Default:

   - Approximately 70% of tenant purchase loans, totaling Sh400 million, have gone unpaid for over a year.

   - This raises concerns about loan recovery mechanisms and financial sustainability.

4. Factory Building Registered Under PS Treasury:

   - An Sh800 million factory building owned by the NHC is registered in the name of the Principal Secretary (PS) of the Treasury

   - The irregular registration calls into question transparency and accountability.

5. Rural Housing Loans in Arrears:

   - A staggering 90% of rural housing loans, amounting to Sh716 million, remain unpaid for over a year.

   - The NHC must address loan management and collection efficiency.

As Kenya seeks to address its housing deficit, the NHC's challenges underscore the need for robust governance, financial prudence, and effecti

ve administration. 🏘️💡🇰🇪