City Partners with Major Banks on Housing Finance Agreement

The City of Cape Town in partnership with ABSA, Nedbank and Standard Bank will celebrate the concluding of a Housing Finance Co-operation Agreement at a signing ceremony in Mitchells Plain. Executive Mayor, Alderman Helen Zille, will deliver the keynote address.

Date: Tuesday, 16 May 2006
Time: 14:00
Venue: Mitchells Plain, c/o Kilimanjaro & Huguenot Street, Tafelsig, Mitchells Plain

The key reason behind this agreement is to make banking finance (bonds) more accessible to new home owners in the affordable housing market income category (R3500-00 - R7000-00 per month). The banking sector in the past has been reluctant to provide finance to this market e.g. red lined areas.

The City of Cape Town is the first Metro Council in the country to conclude such an agreement.

All media are invited to attend.

Issued by:
Lisle Brown
Media Liaison Officer
Tel: 021 400 3065
Directorate: Communication and Marketing
City of Cape Town
Email: media@capetown.gov.za
Tel: 021 400 2201
Fax: 021 957 0023

Media queries:
Wayne Muller
Manager: Housing Finance
City Of Cape Town
Tel: 021 400 5122