City says houses to let in Elsies River will be developed soon
By Jurina Nkwazi
14 October 2010
Over a hundred housing rental units will become available as from November in Elsies River, said the City of Cape Town.
The city launched the Leo Mews and Avon Gardens developments four years ago to develop affordable housing on City-owned land in partnership with Standard Bank and Nedbank.
After a slow start in sales of R237 000 per unit these units will now be used for rental ranging between R3 500 and R10 000 per month.
Mayoral Committee Member for Housing Cllr Shehaam Sims says, “The primary target for ‘gap’ houses is households earning. In this segment of the market, demand for affordable housing far outstrips supply.”
She added,” although aspirant ‘gap’ home buyers have been hemmed in by the National Credit Act, innovative approaches to finance and construction have resulted in the delivery of the latest two developments.”
“As a result of these developments, the surrounding areas of Elsies River have been uplifted and surrounding properties and businesses have been refurbished and landscaped. The community also benefited from local job creation and training throughout the duration of the projects,” says Cllr Sims.
“People who earn between R6 500, the lowest amount the banks are likely to consider for a loan, and R10 000 per month would qualify to buy units in these developments,” she said.