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The Takoradi Polytechnic on Wednesday signed a Memorandum of Understanding (MoU) with BSY Hostels Ghana Limited for the construction of an eight- storey hostel facility. The project, estimated to cost six million dollars, would start before end of the year and is expected to provide 1,000 housing units. Speaking at the signing ceremony in Takoradi, Rev Professor Daniel Agyepong Nyarko, Rector of the Polytechnic, said the project had come at an opportune time because only 1,000 out of the 9,000 student population had been accommodated in hostels by the school. The project, which would be completed in 27 months, would provide decent accommodation for fresh and continuing students at affordable rates. The Director of BSY Hostels Ghana Limited, Mr. Richmond Kyei-Fordjour, said the facility would be equipped with modern technology. He said Common Interest Communities, a US-based housing company, is financing the project, adding that after completion it would operate the facility for 25 years before being transferred to the polytechnic. The facility would contain single, double and four-in-one occupancy units. The President of the Student Representative Council of the Polytechnic, Mr. Richard Ziemah, told the GNA that the housing units would reduce the burden of fresh students who had to struggle for accommodation. He said some students had to rent wooden structures which posed health risk and lauded the management of the polyphonic for entering into a strategic partnership with the housing company.