Sunday 22 October, 2017

New housing initiative to benefit lower, middle income earners

Lower to Middle-income earners who are seeking assistance for Government Housing are advised that the Ministry of Housing and Urban Development has introduced a new programme which aims to ensure that public sector housing solutions remain affordable and accessible for those who need it most.

The programme, titled Government’s Aided Self Help Housing Programme, seeks to empower ordinary citizens to manage the construction of their own homes with financial and technical support from the state. The strategy allows for the provision of fully developed housing lots; sold at thirty (30%) percent its market value, access to subsidized mortgage facilities from the Trinidad and Tobago Mortgage Finance Company, pre-approved house plans, and oversight assistance for the construction of high-quality affordable homes.

It is expected that 1000 lots will be available to prospective homeowners for construction within the upcoming fiscal year.

This is the first time the Ministry has launched such a programme which not only seeks to assist persons seeking affordable residential serviced land lots to erect houses but also aims to assist those with land needing some assistance to construct a housing unit. Those without land can have access to pre-approved house plans, a list of shortlisted contractors and technical oversight.

Housing Minister Randall Mitchell, commenting on the new initiative, indicated that this programme is one of the many which the Government will initiate to further stimulate the economy and create employment for the skilled and semi-skilled labourers.

He added that the programme “will also see the increase in the national housing stock and a decrease in the demand on the HDC for the supply of housing units.”

Minister Mitchell said he was pleased because this initiative will offer another solution to those desirous of the state’s assistance.