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Nov 15

153 LOANS VALUED AT OVER $30 MILLION APPROVED SO FAR UNDER GOVERNMENT EMPLOYEE MORTGAGE PROGRAMME

Basseterre, St. Kitts, November 15, 2018 (SKNIS): Prime Minister, Dr. the Honourable Timothy Harris announced yesterday, November 14, that, to date, 153 applicants totaling $30.2 million are being supported under his administration’s Government Employee Mortgage (GEM) financing programme.

During the opening remarks at his monthly Press Conference, the Prime Minister explained that 54 applicants are fully funded under the programme while 45 applicants are a blend of the government’s mortgage programme and funds from the Development Bank (of these 99 approved loans, 70 are from St. Kitts and 29 are from Nevis).

“This means that the mortgage amount exceeded $300,000 for a single applicant or $450,000 for joint applicants.  Any additional financing beyond these thresholds will be from the Development Bank,” Prime Minister Harris said.

On Friday, June 01, 2018, Government of National Unity launched the first tier of the $30 million dollar housing programme for the Government employees, to facilitate property ownership in the country and the upgrading of homes up to a maximum of EC$300,000 (single applicant).  Beyond this amount, the excess will be negotiated on the Development Bank’s applicable terms. The first tier of EC$15 million has been invested in the Development Bank for on-lending at five percent, the lowest rate in the Federation.

Prime Minister Harris further stated that another 47 applications totaling about $11 million are being held pending the completion of the turn-key models which will start soon, and a total of seven (7) applications are in the advanced stage of processing totaling $1.3 million.

He added that the Development Bank will break ground on six models of homes in the next two weeks. This will provide an opportunity for persons to see first-hand the types/models of homes that they can access under the programme.

“Home ownership is a critical aspect of the economic empowerment of our people. This government has done more than any other administration to expand and improve our housing programme,” he said.

The Prime Minister said that an overwhelming 3,000 families have benefited from his administration’s housing solutions and more still stand to benefit, as the Team Unity Government is working to “double the number of beneficiaries over the next seven years.”

“The statistics on our country’s most expansive housing programme speak eloquently to the tremendous benefit that my administration is adding to the lives of our people. Our historic record from 2015 to 2018 is an unparalleled best,” he stated.

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