The National Housing Corporation (NHC) in Kenya has signed a Financial Advisory Services Agreement (FASA) with the National Treasury and the International Finance Corporation (IFC) for an affordable housing public-private partnership (PPP) project in Stoni Athi, Machakos County, Kenya.

NHC seeks to raise KES7 billion (US$57.9 million) to fund the design, finance and build 3,500 housing units as part of the KES20 billion (US$165.4 million) Stoni Athi Waterfront City housing project. 

The affordable housing project will include one, two and three-bedroom housing units that will target all types of income earners ranging from low to high-income. IFC will finance the development of affordable housing units, and the private investors will redeem capital through monthly rent collections over the span of 15 to 20 years. Following that, NHC will regain full ownership of the development units.