The cabinet of the Addis ababa city administration has approved the allocation of land for the new 70/30 housing scheme.
The 70/30 development program was launched to address housing challenges in the capital by enabling residents to build condos under associations after the other city-led projects failed to meet the growing demand.
The City cabinet passed the resolution offering 35 hectares plots of land for the new program on Thursday, paving the way for the launch of the development scheme under associations.
The land will be allocated for construction of G-9 and G13 condos designed for the scheme by the Addis Ababa Housing Development and Management Bureau (AAHDMB).
Under the program, a resident is expected to save up 70% down payments of the cost of a flat.
The Commercial Bank of Ethiopia will cover the remaining 30% in the form of long term credit as per an agreement signed with city administration in December.
It is expected to give options for registered residents waiting for a condo in other housing schemes.
Apart from the housing, the city cabinet responded to land requests for other 373 development projects.
The projects are described as having significant national interests that will create job opportunities for residents.
The construction of manufacturing, hotels and malls as well as religious institutions are among the projects.
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