FACTORS INFLUENCING ACCESSING FUNDING OF HOUSING PROJECTS IN IMO STATE
Abstract
This research was to analyze the factors influencing funding of housing project delivery in Imo State Nigeria. The specific objectives were, to: Determine the extent to which materials price fluctuation contributes to poor funding of housing projects; evaluate the effect that interest rate has on funding of housing projects. The study adopted a survey design. The research instrument for data collection was questionnaire. The population of the study comprise 300 project coordinators of real estate firms, and housing contractors in various local governments in Imo State. The hypotheses were tested using multiple regression analysis. The results indicated that materials price fluctuation, interest rate, foreign exchange rate and limited access to funds are significant funding factors that influence housing project delivery with foreign exchange rate having the highest effect. Based on the findings, the study concludes that an effective funding arrangement must be put in place considering the identified funding factors. Hence, the study recommends that fluctuation in cost of materials should be put into consideration during bidding process for building construction, fluctuation in foreign exchange rate should be factored in during costing of foreign materials, interest rate for loan should be considered especially for mega projects that require loan for funding.
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Published in JOURNAL OF OCCUPATION AND TRAINING
ISSN: 3446-6290
This article appears in our peer-reviewed academic journal
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