JOURNEY TO HOME OWNERSHIP THROUGH JOINING A HOUSING SOCIETY
JOURNEY TO HOME OWNERSHIP - A FOCUS ON THE NEW HERI HOMES HOUSING COOPERATIVE SOCIETY LTD
In 2006, the Government of Kenya announced its Vision 2030, a development and growth strategy to transform Kenya into a middle-income country over the following two and a half decades.A key element of the plan involves the financial services sector reform due to the recognition that in order to meet its growth targets, national savings must double to about 30 percent of GDP by 2030.
Based on World Council of Credit Union 2013 statistical report,Kenya ranks first in terms of total assets held by Saccos however in terms of penetration Senegal leads at 22.9%, followed by Benin at 21.5% and Seycheles is third at 19.9%.Kenya has a penetration rate of 19%.
The New Heri Homes Housing Cooperative Society limited is a Housing Cooperative Society currently drawing its membership from Heri Homes employees and Heri Homes Association which draws members from the larger investment partners.. The Housing Society is registered under the Cooperatives’ Societies Act No. 12 of 1997 of the Laws of Kenya and is therefore governed by the Act, Cooperative rules of the Society By-laws.
Several employees from the University of Nairobi have purchased units from Heri Homes and several others joined the cooperative growing their savings with the aim of owning homes in the near future.
VISION OF THE HOUSING COOPERATIVE
A wealth creation vehicle to members moving them towards financial freedom.
MISSION OF THE HOUSING COOPERATIVE
To provide financial and investment services to members in a timely transparent and efficient manners
VALUES OF THE HOUSING COOPERATIVE
Creativity and innovativeness
OBJECTIVES OF THE HOUSING COOPERATIVE
Raise funds by accepting deposits from members
Lend Money to members
Acquisition of living accommodation for members
Acquire and relinquish land
Provide a good return to members
Invest in profitable projects that will provide members adequate benefits.