Capital City Housing NPC is an independent Non Profit Company with its sole purpose to build and rent out flats to individuals/families who qualify for Social Housing Rental Schemes (currently those earning between R2000 and R7500 per month)
So when will I own my unit?
Please note that Capital City Housing owns the flats it rents out and there has never been a plan to sell/alienate these units and neither will there ever be. All tenants have signed leases over their property (explanation of lease shown below)
“Written or implied contract by which an owner (the lessor) of a specific asset (such as a parcel of land, building, equipment, or machinery) grants a second party (the lessee) the right to its exclusive possession and use for a specific period and under specified conditions, in return for specified periodic rental or lease payments”
Is there a possibility that I can own my unit in the future?
No, the rental units owned by the Capital City Housing will never be for sale and will always remain in the ownership of the Association with the sole purpose of being rented out to tenants who qualify in terms of the Social Housing Act.
But I have been paying my rent for years, why will I never own my unit?
The units are rental units and you have a lease with the Association. The implication of a lease is explained in point 1. Your payment of rental is for the exclusive use of your flat and not toward ownership. You cannot own a rental unit with the Capital City Housing. On ceasing to make payment of rental you no longer have the right of the benefit of the flat.