Herman Mashaba aims at R20bn for affordable inner-city housing units
The private sector is looking to get involved in inner-city development again, says Johannesburg’s mayor
Johannesburg mayor Herman Mashaba is aiming to raise about R20bn from SA’s largest banks to redevelop 71 dilapidated buildings into affordable housing units, giving the inner city the kind of investment it has not enjoyed since pre-democracy. Mashaba, who spoke at the launch of the City of Joburg’s Inner City Properties Prospectus, said numerous banks and financial institutions already had some exposure to the inner city and had expressed an interest to the city to invest further. RMB, Nedbank, Absa, Standard Bank and inner-city funding specialist TUHF, among other banking and finance groups, attended the launch. "Many companies moved away from the inner city in the 1990s and this had the effect of little private investment in it in the 2000s. But the private sector is looking to get involved again. We have launched this prospectus to give private players options to invest," Mashaba said. 'High demand' "The demand for affordable and student housing in the city is high and this is wh...