Nedbank funds sustainable affordable housing
“Nedbank Corporate and Investment Banking (NCIB) has made the ﬁrst disbursement from an innovative R120m Sustainable Aﬀordable Housing ﬁnance facility.”
A collaborative eﬀort between the bank and South Africa’s Green Fund. The ﬁrst recipient of funding is Belhar Gardens, a Cape Town social housing project owned and managed by Madulammoho Housing Association (MHA). The 630-unit development is the result of a public-private partnership and was made possible through the provision of land, grants and subsidies by the Western Cape provincial government and the Social Housing Regulatory Authority. Belhar Gardens is aimed at households earning between R2,500 and R7,500 a month. Rent starts from R750 a month.
Belhar Gardens units are resource eﬃcient. Head of Aﬀordable Housing Development Finance at NCIB, Manie Annandale, says this is intentionally aimed at containing the total cost of accommodation for low-income households. MHA CEO Renier Erasmus says the inclusion of green energy devices such as centralised heat pumps and innovative ceiling insulation technology makes perfect sense for Belhar Gardens and, indeed, all future social housing developments. Belhar Gardens is one of the ﬁ rst social housing projects in South Africa to have applied for EDGE Green Building certification. Annandale says meeting the rigorous EDGE standard requires that the development achieves at least 20% savings in energy, water and embodied energy in building materials.