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More rental housing will be available for low to middle income earners in the inner city, following a substantial loan to the Johannesburg Housing Company.
THE Johannesburg Housing Company (JHC) has secured a R300-million loan from the Public Investment Corporation (PIC) for the development of affordable rental projects in the inner city.

 

Brickfields is just one of Johannesburg Housing Company's initiatives in the inner cityBrickfields is just one of Johannesburg Housing Company's initiatives in the inner cityElize Strobel, the chief executive officer of the housing company, said the funding would be used to develop 1 800 rental units over the next five years.
 

“It is particularly exciting to have PIC as our strategic funding partner in delivering well located, quality accommodation to an estimated 5 600 people living and working in Johannesburg,” she added.

The PIC is the investment manager of the Government Employees Pension Fund (GEPF). It has approximately 1,2 million active members, 318 000 pensioners and beneficiaries as well net assets of R819-billion.

The JHC still needs to identify derelict buildings in the inner city that can be developed before starting the project; no specific date has been set as to when it will begin work. Once complete, the apartments will cater for low to middle income earners who are interested in living in the city.

Established in 1995, the JHC is a Section 21 company that has developed more than 3 357 housing units and provides home for more than 9 100 people in the inner city. Through slum clean ups, building upgrades, conversions and refurbishment, it has invested close to R492-million in inner city properties.

It also played a role in the initiation of the eKhaya Neighbourhood improvement programme in Hillbrow in 2004. The programme has had a marked impact in reducing crime and improving the outlook of the area in which it operates.

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