The City of Cape Town has approved a fund to support micro-developers in building affordable housing within lower-income communities, a significant boost for real estate entrepreneurs in the province. Nomfundo Molemohi, portfolio manager for uMaStandi, highlights the high demand for quality, affordable rental housing in Cape Town’s townships. Despite challenges like inadequate infrastructure and slow approval processes, uMaStandi ensures proper zoning and approved plans, offering financial security and building insurance to its clients. The new Development Charges Fund from the city will facilitate smoother processes for micro-developments, contributing to township economies and community vibrancy. uMaStandi, unique for its focus on township developments, works with local governments and encourages mixed-use, green-featured projects to improve tenant living standards and attract reliable tenants. With a 100% occupancy rate, uMaStandi is expanding its successful model to the Eastern Cape, promoting urban densification and inclusive growth by enabling real estate entrepreneurs to create generational wealth through viable rental housing businesses.
Original Source: BizCommunity
Date: 2024-05-01 12:00:00
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