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Human Settlements Development Bank Launched

May 22, 2017

Department of Human Settlements

The Human Settlements Development Bank has been launched.

The human settlements minister, Lindiwe Sisulu, announced this while delivering her department’s budget vote speech in parliament last week.

The bank will provide equity finance in particular to emerging black entrepreneurs in the property sector.

According to the minister, this will require “a fundamental shift from the ordinary banking mindset.”

The bank will facilitate the increased provision of Finance Linked Individual Subsidy Programme to qualifying beneficiaries in the gap market including the Government Employee Housing Scheme.

The minister added that the strategic focus of the bank will be to “facilitate the increased provision of finance across the human settlements value chain, and the specific priority for the Bank in this respect is the mobilisation of and the provision of finance for all planned catalytic projects.”

In a media statement, the minister also indicated that her department will prioritise the Draft Property Practitioners Bill and the Draft Human Settlements Bill during 2017/18.

The draft Property Practitioners Bill was published for comment in April 2017.

It seeks to:

• provide for the regulation of property practitioners;
• provide for the continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority;
• provide for the appointment of the members of the Board and matters incidental thereto;
• provide for the appointment of the Chief Executive Officer and other staff members of the Authority;
• provide for the establishment, appointment, powers and functions of the Property Practitioner’s Ombud Office;
• provide for compliance with and enforcement of the provisions of the Act;
• provide for the continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund;
• provide for consumer protection,
• provide for the repeal of the Estate Agency Affairs Act, 1976; and
• provide for matters connected therewith.

The Draft Human Settlements Bill will establish “legally the Human Settlements approach in line with our policies and the NDP.”