Cosmo housing project starts to deliver

Pheladi Gwangwa, the station manager of Talk Radio 702, told Sowetan yesterday that the 702-FNB housing project at Cosmo City, north of Johannesburg, was "moving along steadily" and that more than 300 of the 702 houses to be built had been completed.

Pheladi Gwangwa, the station manager of Talk Radio 702, told Sowetan yesterday that the 702-FNB housing project at Cosmo City, north of Johannesburg, was "moving along steadily" and that more than 300 of the 702 houses to be built had been completed.

Gwangwa said that about 70 families had moved into their new homes at Cosmo City.

The initiative is a joint venture of Talk Radio 702 and First National Bank, in association with M5 Developments and the Gauteng Department of Housing.

Gwangwa said: "We've already made a big difference in the lives of the people who have moved into the houses and can't wait to hand over more houses each month.

"We're set to have 150 houses occupied by the end of this month, with the rate of handovers increasing to 100 a month until the end of the project," he said.

Faizal Motlekar, executive chairman of M5 Developments, said the rest of the 702 houses were at various stages of development and the full complement would be ready in June.

The housing initiative was launched by the minister of housing, Lindiwe Sisulu, in May.

It is a public-private partnership intended to help reduce the housing backlog in the province by providing low-income earners with affordable housing.

The 702-FNB housing initiative is aimed at people who earn between R3 500 and R7000 a month.

People in this income group can apply for an FNB mortgage bond and a government housing subsidy to finance their new homes.

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