Cape Town Mayor, Dan Plato, has announced that over R2 billion has been set aside for the development of new housing opportunities in the medium-term.
Plato briefed the media in Cape Town on the City’s housing plans over the next three years.
He says R590 million budgeted for the current financial year is set aside for the allocation of 36 housing developments which are either in the planning phase, underway or in the process of being finalised.
Plato says another R4 billion has been allocated for the development of informal settlements.
“A couple of issues very important for the City of Cape Town, is to provide as many housing opportunities, which is not all possible, but we try our best. For that purpose, we budgeted R2.1 billion for new housing opportunities. The R4 billion will never be used in one financial year. We phased it in a period of three to four years,” says Plato.
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