Housing Finance is set to receive a USD 16 million loan from the IFC which will be used to fund the construction of environmentally friendly real estate projects. The proposed initiative will be used to finance buyers and builders who incorporate solar power and water conservation.

“Housing Finance intends to increase its participation in the involvement on the supply side of residential and lower income housing in the current financial year,” said the company MD, Mr Frank Ireri.

The company will get an additional USD 4 million from the Canada Climate Change Program (CCCP) bringing the total up to USD 20 million.

Among the buildings that have already taken up the ‘green’ initiative is the Standard Chartered Headquarters on Chiromo Road which uses waterless urinals to conserve water. Strathmore Business School uses evaporative cooling devices that harvest rain water.

Housing Finance will join the ranks of smaller developers like Hello Properties, which uses solar-powered LED lighting to limit the cost of electricity. The company stated that green housing would drive down the cost of utilities.