Office of the Premier 23/08/2019 - 07:25
Gauteng Premier David Makhura's pronouncement on government's intention to soon provide funding for township property owners to upgrade their backyard rooms for rental purposes has received a positive feedback from residents.
The funding will assist in upgrading and building proper housing that will provide rent at an affordable price for backyard dwellers.
The Gauteng City Region Observatory reports that the number of people living in backyard structures has almost doubled in the past fifteen years - from 13% in 2001 to 24% in 2016.
Property owner, Gift Mabasa said: "It's a positive one, it is a definite go for. I wonder how they will device their funding model, hopefully it won't be done in a way that makes it not worthwhile or saturate the market.
"But from what I know is that the province does fund the property development but only for big scale cluster housing so I guess they want to break it further down to small scale funding.
"Although not too much information was divulged by Premier Makhura on how this would be done, I will definitely look closer into it."
On Monday, addressing the State of the Province Address, Premier Makhura said this would enhance and expand the township rental economy in ways which would build vibrant township high street marketplaces for goods and services.
"Accordingly, the provincial government will work with municipalities and the private sector to develop innovative partnerships to provide affordable lending for the owners of properties to upgrade their backyard rooms.
"The township real estate market is a fast-growing hidden component of the township economy that has enormous potential to empower people and it requires policy support," said Makhura.
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