KUALA LUMPUR (March 3): Yayasan My First Home (YMFH) targets to assist a total of 1,000 blacklisted persons to own their first house within a year, according to its chairman Tan Sri Vincent Tan.
Speaking at the launching event on Thursday (March 3), the tycoon and founder of Berjaya Corp Bhd said YMFH was established to facilitate affordable housing for Malaysians, with the aim of enabling more Malaysians, specifically those in the bottom 40% income group (B40), to own their own homes by promoting and supporting innovative solutions to address the affordability of homes and helping these communities develop sustainability in a holistic way.
“A home is a stable foundation for the family. It is essential for a person’s sense of dignity, safety and inclusion.
“Owning a home should be a basic right. Unfortunately to many, it is not as housing costs have risen faster than incomes.
“Affordability and access to finance is another a key issue as many people cannot get loans as they have been blacklisted. These are the people the foundation will try to assist,” Tan said.
Meanwhile, he highlighted that the Better Malaysia Foundation he chairs had pledged to contribute RM5 million as an initial donation for YMFH to commence this important initiative.
He also urged businesses, government bodies, non-governmental organisations and the general public to join YMFH in its efforts and facilitate much-needed solutions to help increase homeownership in the country.
“For many B40 households, debt is a crippling challenge which can prevent access to financial support if an individual is blacklisted.
“This initiative aims to understand these challenges better, so that we can identify means of helping these individuals,” he added.