Dar Es Salaam — The Government has created a long awaited Mortgage Refinancing Company (TMRC) in an effort to provide more Tanzanians with their own accommodation at reasonable costs. The TMRC is intended to lend to banks so they can lend to people in need of housing loans at low interest rates. A number of banks have subscribed to the Mortgage company and the National Housing Company (NHC) has been directed to subscribe to the company in order to achieve its goal of building 3000 housing units annually for the next 15 years.
Other financial institutions have also been urged to buy shares in the TMRC to speed up developments in the country and improve the people's living conditions.
In her speech to the National Assembly, the Minister for Lands, Urban development and Housing, Prof Anna Tibaijuka, said the TMRC will begin lending the banks for mortgage refinancing before the close of 2011.
The Government also said it plans to educate the public on the 'condominium housing' because it provides for many people to share the land title.
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