Merrill Lynch will give the$25 million to a South African bank, which will lend it as mortgages to local people in the South African townships. By the end of this year, the Niall Mellon Township Trust will have built 11,000 houses in the townships, mainly during the trust’s annual ‘building blitz’, when volunteers travel from Ireland to work on the housing.
The houses built to date have been of a standard size and the only payment linked to the housing has been a small monthly contribution for community facilities. Mellon wants to build various types of homes for people who have some earnings and could afford a low-cost mortgage.
Continue reading from source: ThePost.ie
