The Government Institutions Pension Fund Chief Executive, Martin Inkumbi, said a Rent-to-Own framework offers a practical solution for low and middle income earners, government employees, as well as informal traders, to become homeowners.
Inkumbi explained the benefits of this model when he presented it to the Minister of Urban and Rural Development, Hon James Sankwasa, on 9 June.
Accompanied by the GIPF Executive Team, Inkumbi said the initiative seeks to make housing accessible to all Namibians without requiring payslips or imposing many of the restrictions typically associated with conventional housing finance. “This is a solution for people who are often excluded by banks and other lending institutions and under this model, rental properties can gradually be converted into ownership properties through Rent-to-Own agreements, enabling tenants to eventually become homeowners.”
Sankwasa acknowledged that the current housing system has largely excluded low and middle-income earners and informal traders. “There is a need for reforms that not only improve housing affordability but also accelerate the delivery of completed housing units through the adoption of Alternative Building Technologies and innovative construction materials.”
The minister received the proposal well and invited the GIPF to present the model to local authorities and the National Housing Enterprise for further engagement and consideration.
Sankwasa urged the GIPF delegation to explore ways of assisting local authorities with the upgrading and reconstruction of sewerage infrastructure. “Many local authorities are experiencing challenges resulting from the rapid influx of people into urban areas, placing increasing pressure on exciting sewarage systems that may soon be unable to accommodate growing populations.”
