The Western Cape MEC of Human Settlements, Bonginkosi Madikizela, will deliver the key note address at a sod turning ceremony to launch the R177 million, 850 unit Harmony Village Development in Mitchells Plain, Cape Town on 16 May 2013.
Harmony Village will deliver 2 bedroom, 1 bathroom units, with construction expected to last 24 months, beginning in May 2013 and ending in May 2015. The units will cost R206 000 each, and are aimed at households earning between R3 000 and R3 500 per month.
The Western Cape Government will provide R88.2 million in institutional subsidy funding, and the NHFC (National Housing Finance Corporation) will provide R86.5 million, on land made available by the City of Cape Town. The NHFC contribution will be used to fund loans of up to R130 000 which the beneficiaries will repay over a 25 year period, with an average monthly instalment of around R1 000 per month.
The project is being developed by the CTCHC (Cape Town Community Housing Company), which is an affordable housing developer and accredited social housing institution. The loans using the NHFC funding will also be administered by the CTCHC, which therefore plays a major role in providing top-up funding for persons who have no other access to formal house ownership.
To qualify, potential beneficiaries need to meet the following criteria. Final approvals will only be done once construction is completed:
- Household income between R3 000 – R3 500
- First time receiver of a housing subsidy
- First time home owner
- Clean credit record (Affordability)
- South African citizen of permanent resident
- Married or single with dependents
- Must not own property
- Permanently employed
- Competent to contract
- Able to pay the required R5000 deposit to CTCHC.
Application enquiries can be made through the CTCHC at 021 552 1780 or 086 651 9495.
All media are invited as follows:
Date: Thursday, 16 May 2013
Time: 10h00
Place: Harmony Village, Mitchells Plain, Cape Town
Directions: Take the N2 from Settlers Way towards Somerset West. After around 7 km, take Exit 14 for the M7. Turn right onto Vanguard Drive. Travel around 11.5 km, then turn left onto Morgenster Road. Travel about 350m, and you will see the development.
For media enquiries:
Bruce Oom, Spokesman for MEC Bonginkosi Madikizela
Cell: 072 4655 177
Tel: 021 483 6622
E-mail: Bruce.Oom@westerncape.gov.za
