US Firm Wins $60m Affordable Housing Project in Thi Qar
By John Lee.
The Thi Qar Investment Commission has approved an Investment License for a $60 million (USD) affordable housing project being developed by Iraq Dream Homes, LLC, a U.S. affordable housing development firm.
The housing project “An Nasiriyah Dream Homes-Phase I” consists of 400 units of single-family affordable homes in a master-planned, sustainable community development. In addition to the energy saving technology and design incorporated into the development, An Nasiriyah Dream Homes-Phase I will include a hybrid solar/photovoltaic renewable energy plant for clean and stable electricity supply for the development’s residents.
According to Iraq Dream Homes, LLC Managing Director William Johnson:
“Thi Qar Investment Commission’s approval of the Investment License for our affordable and sustainable housing project marks a very significant milestone in the project’s development and provides a clear indication that Iraq is serious about addressing their housing shortfall.”
Engineer Ali M. Sangoor, Iraq Dream Homes, LLC Country Manager says:
“Working with Dr. Luay AL-Khairulla, Chairman of the Commission and the Thi Qar Investment Commission staff in the development of An Nasiriyah Dream Homes-Phase I has been a pleasure and we look forward to delivering our high quality, affordable homes to the residents of An Nasiriyah.”
Iraq Dream Homes, LLC was awarded the Investment License for the An Nasiriyah Dream Homes-Phase I project under Iraq’s Investment Law #13. A combination of construction lending from a U.S lending agency and an Iraqi commercial bank, along with private equity will provide financing the project.
Construction on An Nasiriyah Dream Homes-Phase I, located in the Municipality of An Nasiriyah, Thi Qar Province in southern Iraq is expected to start in November 2012, with initial turnover occupancy of homes scheduled to begin in June 2013.