Corporation announces 50% reduction of housing rent due to COVID19

Addis Ababa, April 10, 2020 (FBC) – The Federal Housing Corporation (FHC) has announced a 50% reduction of housing rent due to coronavirus (COVID-19) pandemic.

Reshad Kemal, Manager of the Corporation, told journalists today that the reduction is effective from the 1st April 2020.

This would reduce the corporation’s monthly rental income from 120 million birr to 60 million birr, the manager said.

According to Reshad, the Corporation has over 18,153 houses and shops in Addis Ababa and Dire Dawa city administrations.

Stating that the current reduction was the first, he said, the Corporation could cancel rental payments based on the extent of damages that COVID19 will cause.