The Diaspora University Town (DUT) has a development plan for 3,500 townhouses, estimated at Ksh 25 billion. DUT founder’s and developers goal is to secure funding from the Kenya Mortgage Refinance Company (KMRC) through a Primary Mortgage Lender. Currently, eight Kenyan Banks, eleven Sacco's, and one Microfinance Bank are listed as KMRC primary mortgage lenders.
DUT's land use plan includes 3,778 plots and a 60 km road network, with 3,500 plots allocated for townhouse development. Dan Kamau, Diaspora University Trust Executive Trustee and DUT project director, when talking to bankers says, "The townhouse plan is ready and will house those who gain employment through the DUT's 20,000 jobs creation plan. The plan goal is to increase GDP by Ksh 20 billion."
The DUT 20,000 jobs creation plan includes 1,000 jobs at Diaspora University, 1,500 at Diaspora University Hospital, 500 at Diaspora University Town, 12,000 through 300 DUT MSMEs, and 5,000 through 30 Ndara B MSMEs. In the first 5 years the 20,000 jobs will make over 100 million hours of human resource productive.
Ronald Mwangombe says that the Ndara B Community welcomed the DUT development plan because of the jobs. Approximately 4,000 Ndara B members are expected to fill some of the 20,000 jobs. The community is also planning to produce and supply building materials. In the townhouses Ksh 25 billion they will supply materials of about Ksh 8 billion through 15 Ndara B MSMEs.
KMRC had Ksh 31 billion in unutilized funds at the end of 2023. DUT and Ndara B aim is to convert these funds to become houses while creating jobs. Ronald talking to bankers says communities and Kenyans can live better and use their land and human resources productively.
The DUT team's goal is to have the 3,500 townhouses built, completed, owned, and occupied by approximately 15,000 Kenyans by the end of 2029.
The target is to have the KMRC 2029 financial statement show about Ksh 25 billion issued to the Primary Mortgage Lender partnering with DUT. The Primary Mortgage Lender will by 2029 issue 3,500 mortgages. The mortgages will be issued to 3,500 Diaspora Kenyans and Kenyans who become DUT Townhouse Owners.
The 3,500 townhouses will be used by the 20,000 jobs creation plan. The jobs creation plan will generate about Ksh 20 billion in new GDP. 40% (about Ksh 8 billion) of the GDP will be applied to pay the mortgage payments annually.
The DUT team talking to potential banks that can become Primary Mortgage Lenders are saying, "Houses are built by persons and materials. Materials are made by persons. All money pays people as they work and make investment returns. Ksh 25 billion reflected in KMRC as a refinance mortgage will pay thousands of people."
