President William Ruto on Thursday launched the second phase of the Kes 6 billion Buxton Point project in Mombasa as he announced plans to boost funding for housing projects in the country.

Speaking at the groundbreaking ceremony, Ruto commended the developer of the project, GulfCap Real Estate, saying the initiative is in line with the Affordable Housing agenda that his government is spearheading.

He said that Buxton Phase 2 will involve both social housing, affordable housing, and market units.

Additionally, he said that for the social housing units, the former tenants will be granted a Tenant Purchase Scheme (TPS) program that will allow them to pay from as little as Ksh.3, 000 for between 20 to 30 years.

“I am here today to tell you the former tenants that you will have the opportunity to live here. It has been possible because we have passed a bill on housing fund. The kitty will allow us to issue TPS. We are going to fund the TPS,” he said.

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He said the affordable housing projects will allow the youth to get jobs, and create homes for Kenyans, and help in boosting the country’s economy.

Ruto said the housing fund will offer 3% mortgage interest for social housing units, 6% for affordable and 9% for market units.

On his part, Mombasa Governor Abdulswamad Nassir promised that the county projects will align with the Affordable Housing Agenda of the National Government.

He called upon Coast residents not to be divided by people who do not understand the affordable housing agenda.

GulfCap Real Estate chairman and EAL MP Suleiman Shahbal said he was delighted to have the Tenant Purchase Scheme (TPS), saying it was the intention since they started the affordable housing program.

“My intention is to have our people live in a good place and enjoy a lifestyle like the one we have built here at Buxton Point. We have gone through difficulties here, but today this project has been a benchmark for other developers,” he said.

The President also officially handed over to the owners the completed Phase 1 of the Buxton Point, which has 584 units.

The 584 units were built in partnership with the county government of Mombasa, which provided the land.