Sisulu said yesterday during her budget vote in Parliament the bank was critical for the market that has been struggling.
The housing gap market includes mainly public servants who are too rich to get RDP houses and too poor to qualify for bonds.
Sisulu said the establishment of the bank was critical for the gap market.
“We now have our own bank, the Human Settlements Development Bank, which has been established and will be launched on [this] morning,” said Sisulu.
“The bank will facilitate the scaled up delivery of FLISP (Finance Linked Individual Subsidy Programme) to qualifying beneficiaries in the gap market, including the Government Employee Housing Scheme.
“The strategic focus of the bank will be to facilitate the increased provision of finance across the human settlements value chain, and the specific priority for the bank in this respect is the mobilisation of and the provision of finance for all planned catalytic projects,” she said.
Sisulu added that the bank would be an entry point for struggling black entrepreneurs into the industry.
Chairperson of the portfolio committee on human settlements Nocawe Mafu said they backed the establishment of the bank and would monitor operations closely.
Meanwhile, Mmabatho Mokause of the EFF said Sisulu was lying about her department delivering 1 200 houses a day in the country.
She said the recent protests in Joburg showed that government was lagging behind in housing delivery.