housing - National Housing Finance Corporation

“EVERY TIME YOU ARE TEMPTED TO REACT IN THE SAME OLD WAY, ASK IF YOU WANT TO BE A
PRISONER OF THE PAST OR PIONEER OF THE FUTURE” – DEEPAK CHOPRA
CHIEF EXECUTIVE’S REPORT
THE CORPORATION’S RESPONSE TO
THE “BREAKING NEW GROUND IN
HOUSING DELIVERY” STRATEGY AND
THE MILLENNIUM GOALS WILL BE
GREATLY ENHANCED IN THE
ENVISAGED TRANSFORMED NHFC.
INTRODUCTION
The management of the Corporation has been challenged by the Minister of
Housing, Dr Lindiwe Sisulu, and its Board, to take up the pioneering role to
broaden and deepen its impact in the low- and moderate-income housing
market in South Africa.
In reaching its first decade in business, the NHFC is not going to look for greater
housing delivery by continuing along the same path but is changing its strategy
by engaging in the “direct” financing of housing stock development and
end-user lending.
The focus on the broadened mandate and the repositioning of the Corporation in
the low- and moderate-income housing environment was given impetus by the
approval obtained from the Minister of Housing on 24 January 2006.
A dedicated Programme Management Office has been set up with a full-time
executive deployed to work with consultants on the transformation of the NHFC.
The Corporation’s response to the “Breaking New Ground in Housing Delivery”
strategy and the Millennium Goals will be greatly enhanced in the envisaged
transformed NHFC.
The support of the Ministry, the Board of NHFC, our customers and the staff of the
Corporation, is essential in taking the bold transformation steps envisaged in
the Business Plan for 2007. The enthusiasm and involvement of all these
stakeholders in the preliminary preparations bodes well for a smooth pathway to
the “New NHFC”.
A decade of operations is a significant milestone and coupled with the sad death
of our Chairman, Mr Eric Molobi, who served in that capacity from the incorporation
of the NHFC, I thought it appropriate to reflect on the past as we plan for a very
different future.
NHFC (1996 – 2006): TEN YEARS OF AFFORDABLE HOUSING FINANCE
PROVISIONING
Following South Africa’s historic elections on 27 April 1994, Nelson Mandela was
inaugurated as the country’s first democratically elected President on 10 May
1994. The fledgling democratic government wasted little time in identifying
8 NHFC ANNUAL REPORT 2006