Trust for Urban Housing Finance [TUHF] a housing finance initiative focused on entrepreneurs in the rental housing business celebrated a year since launching 12 months ago.

TUHF is involved in rejuvenation of the inner-city by assisting groups or individuals to buy properties in particular areas that red lined by commercial banks , “but where residential property are reasonably priced,” said Paul Jackson CEO of TUHF.

To date the group has funded 30 residential buildings in Johannesburg to the tune of R32.4 million. Said Jackson: “We are in partnership with the Greater Johannesburg council in ending decaying building especially in the inner-city. We want to end the slumlord within the area. In order to do that we fund people who share our vision of a better city like managing better buildings in the city,” he said.

He said that his organisation considers the constructive regeneration of inner city areas, through housing projects to be a great way to develop private and social entrepreneurs in the residential property.

The initial focus of funding at TUHF was the inner areas of Johannesburg including Hillbrow, Joubert Park, Berea and Yeoville. Pressage Nyoni, the spokesperson of TUHF said that his organisation will now consider loan applications for housing projects in other major cities that have inner –city decline problems in the country.

TUHF issues mortgage loans for up to 80 percent of housing property purchase prices and 100% of housing property refurbishment costs. The organisation charges market related interest rates on the money it lends over the time it takes to repay the loan. Patience Nogcantsi is now a landlord thanks to TUHF’s financing objective. Nogcantsi owns 12 units of flats in the inner city, “four units I bought on my own, the other eight I was assisted by TUHF,” she said. The single parent said that she owns ten units in one block of flats and another two in another block. “What I like about owning property is that it appreciates on an annual basis whereas a BMW de-preciates with every kilometre and it also eats into the pocket,” she said.

Nogcantsi added that if a person rents out flats, he or she must invest in the flat like renovating it, repairing damages and importantly paying timeously services of the council, “your fight of maintaining the building will be half won,” she said.