The Gauteng Partnership Fund (GPF) has launched The Wagon, a 72-unit affordable rental housing development in Benoni, east of Johannesburg.
Brought to fruition by Ephenia Moeti and Nthabiseng Masithela of Lekotu Enterprise, a company that takes pride in being 100% black female-owned, the project is co-funded with the Public Investment Corporation (PIC) at a total cost of R37 788 14 which includes capitalized interest.
“The launch of The Wagon showcases the innovative and entrepreneurial work done by the Gauteng provincial government through its entity the Gauteng Partnership Fund in empowering emerging black property developers to participate in the affordable residential property market and in facilitating spatial transformation for the benefit of historically disadvantaged individuals and families by providing affordable housing in areas where they are more integrated within existing communities,” commented the Chairperson of the GPF Board, Craig Cornish.
The development is an Entrepreneur Empowerment Property Fund project, an incubator programme for 100% Historically Disadvantaged Individuals (HDI) owned companies, designed to promote participation in the affordable rental property market.
Over the past twenty years, GPF has been a key player in the facilitation of affordable housing developments in Gauteng, mobilizing resources, both financial and technical, to fund and execute projects. The entity has built strategic partnerships with property developers and funders.
“Today, we joined Ephenia and Ntabiseng to celebrate, not just the opening of a building, but a symbol of empowerment and progress. These two women have shown us what can be achieved through determination and a commitment to excellence. We stand beside them in this remarkable achievement and look forward to further collaborations that will empower communities across Gauteng,” said Lindiwe Kwele, CEO of the GPF at the launch.
“The Wagon is a testament to the power of collaboration and the potential for positive change when organisations join forces. We are grateful to our co-funding partner, the PIC, and are inspired by the tireless efforts of all those involved in seeing this wonderful development to its completion,” added Cornish.