Family Homes Funds Ltd (FHFL)

Setting up a first-of-its-kind housing fund in Africa

Altair advised on the business planning of an innovative housing finance institution in Nigeria.

About the project

Family Homes Funds Ltd (FHFL) was set up in 2017 by the Nigerian Federal Government, with a mandate to tackle the country’s housing crisis.  Uniquely, FHFL is designed to respond to housing pressures on both the supply side – by providing financing for housing development – and the demand side – by providing affordable loan products for aspiring homeowners on low or middle incomes.

Over the course of the FHFL’s first two years, Altair was appointed to advise on the following tasks:

  • setting out FHFL’s core business objectives
  • providing recommendations on options to promote affordable housing
  • assisting in financial and business planning, plus governance and staffing structure design
  • designing and launching the flagship Help to Own mortgage product


Altair’s early support ensured that FHFL was built on strong foundations, and the organisation has gone on to achieve remarkable success.  At the most recent AGM, in 2022, it was reported that:

  • FHFL’s credit rating had been upgraded to “A”
  • Profit before tax had grown 334% between 2020 and 2022, to USD $6.19M
  • Non-performing loans stood at 0%

Most importantly, FHFL has provided financing for 15,792 affordable homes to date.

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