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Hundreds of city homes to be built

Johannesburg - The Johannesburg Housing Company (JHC) has secured a R300m loan to develop 1 800 rental units in the inner city.

The JHC said in a statement on Wednesday it "has secured a R300m loan from the Public Investment Corporation Limited (PIC) on behalf of the Government Employees Pension Fund (GEPF) for the development of affordable rental projects in the inner city of Johannesburg".

The funding would be used to develop around 1 800 rental units over five years, said Elize Stroebel, CEO of Johannesburg Housing Company.

This would house about 5 600 people.

The PIC, owned by the South African government, is the investment manager of the GEPF.

The GEPF is the PIC's largest client representing over 90% of the total assets under PIC's management.

The GEPF has around 1.2 million active members, 318 000 pensioners and beneficiaries and net assets of R819bn.

JHC, a Section 21 company established in 1995, had increased inner city housing stock by 11% and invested almost R492m.

"Through slum clean-ups, building upgrades, refurbishments and conversions, as well as new-build projects, JHC has developed more than 3 357 housing units and today provides homes for more than 9 100 men, women and children across the inner city," the company said.
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