AN EXAMINATION OF THE SOURCES OF HOUSING DEVELOPMENT FINANCEINBIRSHI GANDU AREA, BAUCHI LOCAL GOVERNMENT, BAUCHI STATE

ABSTRACT Housing problem is a global phenomenon confronting developed and developing, rich and poor nations, regardless of the average standard of living, there is a large section of the population that cannot afford what could be regarded as an adequate standard of housing. This study aim to investigate the access to finance for housing development Birshi Gandu area of Bauchi state. The objective of the study are to identify the current sources of finance for housing development in Birshi Gandu area of Bauchi, To identify the challenges to accessing housing finance for housing development in Birshi Gandu area of Bauchi and to identify the ways through which accessing housing finance will be enhance in Birshi Gandu area of Bauchi. The study used descriptive survey with a population of 70 respondents which comprise of farmers, Marketers, cooperative societies, partnership and contributors. Data were sourced through the use of questionnaire administered to the respondents. The purposive sampling techniques was used to draw the population. The findings of the study revealed that the source of finance for housing development are banks and financial institutions, government grants and subsidies, real estate investment trusts (REITs), private equity and venture capital, international development agencies, joint ventures and partnerships, cooperative societies and contributions. Also, the findings revealed that the challenges of accessing housing finance are limited access to formal financial institutions is one of the challenges of housing development, high interest rates by financial institution is a challenge of housing development, inadequate collateral options by residents, informal land ownership and titling, insufficient credit history by residents and limited availability of affordable housing finance. Similarly, the study concluded that ways to which access to housing finance can be enhanced are through financial literacy and education, through provision of government support and policy reforms, through development of specialized housing finance institutions, through public-private partnerships, through technology-driven solutions and through the provision of affordable housing development incentive. The study recommended that there is the need for government to embark on aggressive publicity of the NHTF so as to make it known.