2011 budget... $3.6B allocated for housing

2011 budget… $3.6B allocated for housing

Jan 18, 2011 News

– 7,500 house lots; 4,000 land titles for distribution

Government has targeted 7,500 house lots this year with 4,000 land titles to be distributed.
During his presentation of the 2011 National Budget yesterday to the nation, Finance Minister, Dr. Ashni Singh, disclosed that under the Second Low Income Settlement Programme, road and water networks have already commenced at established housing areas including Block 8 Tuschen, EE Non Pareil, Ordnance Fortlands, No. 76 Village and Belle West, as well as at sites including Section D Sophia, Binkey Ally- Lusignan and Block 5.
For this year, Government has allocated $3.6 billion to the housing sector to facilitate development of housing schemes which would necessitate the allocation of 7,500 lots and the processing and distribution of 4,000 land titles.
The One Stop Shop initiative, which was introduced to fast-track the application process, will be expanded to include Region Seven. It also aims at making the allocation more efficient, Dr Singh assured.
Of the total allocation to the housing sector, $700M will be spent on improving the road network and water distribution systems in areas such as Plantation Zeelugt, Leonora, Mahdia and Providence to Eccles to benefit approximately 1,500 households.
Under the Second Low Income Settlement Programme, 148 core homes are expected to be completed- 98 in the coastal regions and 50 under the Hinterland Pilot Programme.
In addition, the development of 7,446 new house lots in areas such as Five Miles Bartica, Amelia’s Ward, and Belle West is targeted for this year. Further, reconstruction and upgrading works for existing roads in established housing schemes under the Community Roads Improvement Project will commence.
In addition, $100M is allocated to see the commencement of a US$10M ($2B) East Bank Development Housing Development Project for constructing main access roads to new housing sites to benefit over 3,000 residents.
According to the Minister, in his presentation which lasted over three hours, last year was a good one with the country hosting its first ever International Building Exposition.

Target surpassed
“The event stimulated the interest of and established linkages between potential and existing homeowners, the financial institutions and the construction sector. This was all aimed at reducing the processing time and providing the opportunities for exposure to a wide array of options when acquiring a home.”
More than $9.6 billion was expended in the housing sector in 2010. Notable achievements included the allocation of 6,331 house lots as well as the distribution of 4,591 land titles, surpassing targets of 5,500 house lots and 3,750 land titles.
“This represents a significant increase compared to the 2009 allocation of 4,334 house lots and distribution of 4,257 land tides. Continuing to support this achievement is the ‘One Stop Shop Outreach,” the official disclosed.
That exercise was conducted at 14 locations in Regions Two, Three, Four, Six and Ten which benefited persons who received on the spot house lots’ allocations while the online housing applications attracted 312 local applicants and 42 overseas applicants.
Some $343.7 million was expended over the last year for the completion of a $2.2 billion housing project which saw the construction and upgrading of roads, drains and structures benefiting 4,636 lots in areas including Cummings Lodge, Sophia, Westminster, Belle West, Glasgow and Onderneeming.

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2011 budget… $3.6B allocated for housing

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