New housing deal brings hope to thousands

The Cape Town City Council and three commercial banks have signed a ground breaking partnership that will boost affordable housing in the metropole. ABSA, Nedbank and Standard Bank signed the agreement in Mitchell’s Plain yesterday. The agreement will make it easier for subsidy beneficiaries to obtain small loans for home improvements while their new homes are being built. Mayor Helen Zille said at the ceremony that it was this kind of initiative that would provide the starting point for solving the housing crisis in the province. Potentially thousands of subsidy home owners stand to benefit from the initiative.