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$4.4B for housing sector

Mar 26, 2014 News

Some $4.4B has been allocated to the housing sector this year with Government targeting 5,900 house lots and 4,100 land titles for distribution.
According to Finance Minister, Dr. Ashni Singh, during his 2014 National Budget presentation on Monday, the focus will continue on developing new housing schemes, consolidating existing ones, increasing the provision of ‘turn-key’ homes and more construction of core homes.
Last year, a total of $3.2B was spent in the sector with eight One-Stop-Shop outreaches held during which 4,417 lots were allocated and 5,326 titles processed.
“Several new housing schemes were developed or consolidated with existing ones benefitting over 30,000 persons.”
Through the public-private turnkey housing initiative, more than 90 single-flat concrete houses were constructed and under the Young Professional Housing Programme, 55 homes were completed, surpassing the 48 homes targeted.
Under the Core House Pilot, 127 of these were completed, benefiting an additional 580 persons. An additional 153 subsidies were disbursed under the Coastal Home Improvement Programme valued at $30.6M. Another 130 Hinterland Home Improvement subsidies valued $107.2M were also granted for the most vulnerable communities.
According to Dr. Singh in the $220B budget, housing schemes development will continue at Eccles, Diamond, Anna Catherina, Uitvlugt, Bath, and No. 77 Village, among others. In addition, through the continuation of the public-private turnkey initiative, another 100 houses will be constructed and an additional 50 police officers, nurses and teachers will be allocated land to construct their homes.
The sector will also see the completion and distribution of another 176 core houses, disbursement of 134 coastal home improvement subsidies valued at $26.8M. Some 54 hinterland subsidies valued $54M will be processed as well.

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