Liberia: President Weah Encourages Investment in Mortgage for Housing

-- Appeals to private citizens to take advantage of Liberia's investment climate

Lifestyle varies in different places in the world with Liberia, not an exception. In the communist setting, for instance, the government centralizes almost everything including housing... meaning that the government provides housing services for the citizens as a way of meeting one of their basic needs and generating an income for the government. In another example, the mortgage system, a housing agreement between an individual and a lender that gives the lender the right to take one's house if he or she fails to repay the money, is another way of acquiring a home in the United States and other countries in the West. Mortgage loans are used to buy a home or to borrow money against the value of a home one already owns.

For Liberia, everyone fights to purchase land and build a house him/herself. Others who are not capacitated enough to build houses end up as tenants, something not far in meaning from a mortgage, anyway.

President George M. Weah, however, is thinking in another way to change the dynamics where those who cannot afford to build a house can have the means of acquiring a house under the government's real estate policy.

Touring the National Housing Authority (NHA) project site recently in Margibi County, the President who has a vast experience traveling around the world was very excited about the progress NHA is making in creating the condition for affordable housing for Liberian, stressing that since everyone cannot build a house at once, others can buy houses to host them.

"Some of us once sojourned in developed countries around the world and saw how people live their lives in mortgaged homes," the President said. "This instant project is a test case for our country."

He added: "If you don't have money or the time to build a home, you can buy a home. It is a good investment. I pray and hope it is successful in the country as it is in other countries."

The National Housing Authority (NHA) is undertaking the housing projects under President Weah's housing program across the country consistent with the Pro-Poor Agenda for Prosperity and Development (PAPD).

The ongoing project NHA project is in collaboration with the Millennium Construction Company and was initiated through the instrumentality of NHA's Managing Director Celia Cuffy-Brown.

Speaking to journalists on Thursday, October 8, 2020, during the inspection tour, President Weah expressed satisfaction over the quality of the structures, the architectural designs and the speed with which the project is progressing.

The Liberian President thanked the Management of the NHA for what he called a "milestone project" that provides opportunity for every Liberian, regardless of status, to own and live in decent homes of their choosing.

President Weah said the buildings are constructed in a way that will enable every Liberian to own one of them once they are determined to do so.

"The good thing about this is that the prices vary and I am sure anyone can afford," he stressed.

Acknowledging that the NHA is an autonomous government entity, President Weah said private citizens should also take advantage of the investment climate of the country to bring in honest investors that will engage in real estate and other businesses.

"If you have people who are interested in investing in the country, you can engage the government to bring them in," the President emphasized, adding, "This is good for our country."

Being the oldest African state and lagging behind development-wise, the Liberian Chief Executive said Liberians needed to emulate the good examples of countries that have made advances in development.

He called on Liberians to ensure that the country is kept peaceful to pave a way for investors to come and invest, stressing that no investor would want to invest in a country where their security is not guaranteed.

NHA Managing Director, Celia Cuffy-Brown, told reporters that a total of forty-five-thousand housing units are expected to be constructed in the area.

Madam Cuffy-Brown said: "The current construction is just part of Phase One and the projects are targeting five-thousand housing units."

According to her, the project will go for a period of five years. She said the prices will vary from US$20,000 onward for low and middle-income earners.

Meanwhile, Margibi County District #2 Representative, Ivor Jones, has lauded the Government for selecting Margibi County to construct the forty-five-thousand housing units.

He lauded the Weah Administration for some major projects it has undertaken among which the much talk-about 14 Military Hospital is one of the major.

Representative Jones also paid tribute to President Weah for taking steps on behalf of the Government to expand the Roberts International Highway.

The CDC Senatorial Candidate said the people of Margibi County made no mistake to join other Counties to overwhelmingly vote for President Weah in 2017.

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