One of the leading providers of affordable rental accommodation in the Johannesburg inner city and surrounds, the Affordable Housing Company (Afhco), says it sees opportunities in the 
rejuvenation of the city.

“There are significant changes to the way the city looks now and the road ahead looks positive,” Afhco CEO Wayne Plit said at the launch of the Cavendish Chambers housing project, in the Johannesburg central business district.

Cavendish Chambers was acquired from the City of Johannesburg for about R6,6-million and refurbished for habitation to the tune of R26-million. The National Housing Finance Corporation (NHFC) provided R33-million for the purchase and the refurbishment, with the Afhco group injecting R1,6-million in 
equity.

The building was constructed in 1950 and became vacant in the early 1990s. But it was hijacked before being bought by the Afhco group in 2006.

To date, Afhco owns 80 buildings in the inner city, representing about 3 500 rental apartments and NHFC funding of about R150-million.

Plit pointed out that the company was 
implementing the renewal of the city holistically and tackling areas known as traditional 
no-go areas for a total transformation of the inner city.

He urged government and other stakeholders 
to consider security workers and other 
employees who earn below the R2 000 to R3 000 
threshold and live in slums.

“We require creative thinking from the private sector and government so that we can find a solution to the problem.”

NHFC CEO Samson Moraba stressed that the company was the first to finance social housing in the inner city, when banks were reluctant to get involved.

“Our relationship with Afhco started in 1988 and we have funded ten buildings in the inner city with the company.”

He cited other derelict inner cities, such as Port Elizabeth, East London and Durban, which could benefit from a revamp similar to that which Cavendish Chambers received.

Human Settlements Minister Tokyo Sexwale said that, because the housing backlog was significant, his department would seek to tap the potential that exists to reclaim dilapidated 
inner-city buildings for affordable housing.

“At the moment, we have 2 700 informal 
settlements, which have become a parking lot for people nurturing the hope that one day they will have a house or a shelter that is affordable,” Sexwale said.

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