The Federal Housing Corporation (FHC) in Addis Ababa has announced a 50% reduction of housing rent due to the coronavirus pandemic.
Manager of the Corporation, Reshad Kemal told journalists that the reduction is effective from April 1, 2020.
According to the manager, the move would reduce the corporation’s monthly rental income from 120 million birr($3.7 million) to 60 million birr($1.9 million).
The Corporation has over 18,153 houses and shops in Addis Ababa and Dire Dawa city administrations said Reshad.
He stated that the current reduction was the first and that the Corporation could cancel rental payments based on the extent of damage cause by the COVID-19 outbreak.