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June 2016
News
T
he City of Cape Town’s next
phase of the R200 million Imiza-
mo Yethu housing project is set
to get underway with bulk earthworks
in the steep mountainous terrain. The
Imizamo Yethu project is located on
former forestry land between Imizamo
Yethu and Hout Bay Main Road. May-
oral Committee Member for Human
Settlements, Benedicta van Minnen,
Imizamo Yethu housing project
says, “The challenging landscape, with
its steep slopes and parts of the site
reaching into themountainous terrain,
has been an obstacle that we have had
to overcome. It has been quite a tough
journey to get to this stage but our
commitment to improving the living
conditions of the people of Imizamo
Yethu has kept us going.”
She adds, “We have had in-depth
engagements with the community
and we urge them to continue to work
with us.” More than 900 housing units,
comprising a mixture of subsidised
houses and community residential
unit apartments, will be built for quali-
fying beneficiaries from the Imizamo
Yethu informal settlement. The exact
number could increase when the final
yield becomes clearer, on completion
of the detailed architectural design
of the final stages. Services and top
structures on the old forestry land
are expected to be completed by June
2019.
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A
ccording to Manie Annandale,
Head of Affordable Housing
Development Finance, Nedbank
Corporate and Investment Banking
(NCIB), “The establishment of social
housing can act as a catalyst to aid
economic development and growth.
By bringing affordable, central hous-
ing to this sector of the population,
social housing empowers its tenants
to live and work in more centrally
located hubs, rather than having to
commute towork fromthe outskirts of
an urban area.” He points out that this
in turn tends to increase the lifestyle
Belhar
Social
Housing
The recent launch of the Belhar
Social Housing Project in the
Western Cape showcases the role
that Public Private Partnerships
(PPPs) can play in facilitating the
provision of social housing, which
provides housing solutions.
stability in an individual’s life, with
a subsequent positive ripple effect
on communities and ultimately, the
economy.
Annandale says it is particularly im-
portant during tough economic times
to ensure the ongoing operational
viability of social housing. “In this re-
gard, the collaborative businessmodel
offered by a PPP is highly recommend-
ed. The Belhar Social Housing Project
is a PPP between Nedbank, the Social
Housing Regulatory Authority (SHRA)
and the Western Cape Government.”
Developers of the project, the
Madulammoho Housing Association
(MHA), are one of six fully accredited
social housing institutions with the
SHRA. The project will roll out over
600 sectional title units for rent in Bel-
har’s CBD. Funding will come from the
SHRA’s Social Housing Restructuring
Capital Grant, contributions from the
Western Cape Provincial Government
and bond finance from Nedbank CIB.
It is located on the corner of Sym-
phony Way and Carmen End, Belhar,
and is in close proximity to the Uni-
versity of the Western Cape and the
Cape Peninsula University of Tech-
nology. Nearby amenities include an
indoor sports complex, two railway
stations, taxi ranks, schools, library,
clinic and retail stores. With over 35%
of the population in dire need of the
assistance offered by social housing,
this development adds significantly to
Nedbank’s portfolio of social housing.
In 2013, government allocated
R4 billion toward social housing devel-
opment subsidies allocated through
the Social Housing Investment Pro-
gramme, which is run by the SHRA.
Spread over five years, this represents
significant funding opportunities for
commercial banks, due to the strict
controls imposedondevelopers by the
SHRA that minimise the lending risks.
Nedbank CIB spent time working
with authorities such as the SHRA and
Finmark Trust’s Centre for Affordable
Housing Finance in Africa to assess
viable frameworks and a strategy for
funding social housing investment.
“Nedbank will continue to play a piv-
otal role in funding developments by
reputable developers with a robust
rental management policy in place,”
concludes Annandale.
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