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Ali says Housing Fund for vulnerable groups

Aug 05, 2009 News

Minister of Housing, Irfaan Ali, yesterday said that the Revolving Housing Fund the government is creating will benefit vulnerable groups.
The Fund will start with an initial $400 million, which received Parliamentary approval yesterday. However, the details regarding how the Fund can be accessed have not been finalized.
Minister Ali told Kaieteur News that the mechanism for which credit will be granted to low income earners and the application process will be announced as the details are worked out.
However, he said the Ministry already has a built-in mechanism to determine the vulnerable groups, since they would have applied for low-income house lots on that basis.
The government decided on setting up the Fund because it was found that a number of low income families who were given house lots in new housing areas could not afford to build houses. Those on the line to benefit first from the Fund would be single-parent families and those who are unable to satisfy the requirements to get a loan from commercial banks.
The Fund will be operated by the Central Housing and Planning Authority, and will eventually be increased to $2 billion.

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