Synergy Affordable Housing

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Project Overview

This is a conceptual proposal for a humanitarian affordable housing project in Ghana. The Synergy Affordable Housing project is seeking funding in the sum of eighty-seven million three hundred-twelve thousand three hundred-thirteen dollars and eighty cents in United States currency (US$87,312,313.80) for Phase 1 of a multi-year affordable housing development in Ghana. The primary objective of the project is to build affordable homes to alleviate the housing crisis in the regional capitals of Ghana due to rural-to-urban migration. The project will build affordable, durable, spacious, and environmentally-friendly rental apartments and detached homes to meet housing needs. In Phase 1, the goal is to build 350 units in Sunyani, the Bono regional capital within 3 years. The project will be replicated in five (5) regional capitals in Ghana. The project target regions are Bono, Ashanti, Central, Northern, Savannah, and Upper West. The apartments and detached houses will consist of 1-bedroom, 2-bedroom and 3-bedroom units spread over a 70-acre land. One hundred detached houses and 250 apartment units will be built. The apartment units and detached houses will be offered for rental at 30% discount of the market rate. The project development team will collaborate with local organizations, government agencies, academic institutions, and community development non-profits to leverage their expertise in project design and implementation to meet local needs.

Executive Summary

Adequate housing is a fundamental basic right of everyone. It provides the basis of stability and security for an individual or family. This right is enshrined in several international human rights instruments. In Ghana, the government estimates a staggering deficit of 1.8 million homes (national population is about 34 million people). The average Ghanaian faces a challenge in acquiring a decent, quality and most importantly, affordable accommodation. It is very expensive to rent or buy a house in Ghana. The Synergy Affordable Housing project will commit the $87,312,313.80 funds requested towards the purchase of a 70-acre land and other Estate development costs. Access road will be constructed to the project site, the land will be surveyed and site plan will be approved by the Sunyani Municipal Assembly. The Estate will consist of 100 detached houses categorized as 1–bedroom units (50), 2-bedroom units (30), 3-bedroom units (20) and apartments in similar categories. The apartments will consist of 1-bedroom units (150), 2-bedroom units (60) and 3-bedroom units (40). The apartments will be 2-storey and 3-storey buildings fitted with elevators and wheelchair accessible. All units will be ensuite to provide comfort and privacy to residents. The construction will be contracted to three (3) real estate development companies in Ghana to expedite the project completion time. A project management team will be hired to supervise the work of the contractors. The project aims to incorporate desirable amenities in the Estate to create a comfortable living environment for residents. The amenities will include gymnasium, basketball court, clinic, ambulance, swimming pool, security post, parking lots, laundry facilities, convenience stores, play areas, food court, day care center, shuttle services, and pharmacy. Funds will be collected in 6 tranches for Phase 1 and additional funding will be requested for future projects. The Synergy Affordable Housing project will repay the loan to its funders with revenue from apartment and detached houses rental. Funds Required $87,312,313.80 Draw schedule First Draw: $20,000,000.00 Second Draw: $13,000,000.00 Third Draw: $13,000,000.00 Fourth Draw: $13,000,000.00 Fifth Draw: $13,000,000.00 Sixth Draw: $15,312,313.80

Funds Required

$ 87,312,313.80

Draw schedule

First Draw: $ 20,000,000.00
Second Draw: $ 13,000,000.00
Third Draw: $ 13,000,000.00
Fourth Draw: $ 13,000,000.00
Fifth Draw: $ 13,000,000.00
Sixth Draw: $ 15,312,313.80