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CH&PA’s 50 – 50 rakes in almost $600M
The Central Housing and Planning Authority (CH&PA) raked in over half a billion dollars
Minister Valerie Sharpe-Patterson
from its 50/50 Jubilee payment plan.
Minister within the Ministry of Communities, with responsibility for housing, Valerie Sharpe-Patterson, said that the agency earned $590M from the initiative.
The Minister, speaking to the Government Information Agency (GINA), said that approximately 2800 persons took advantage of the plan to pay off for their very low to middle income house lots, ranging from $59,400 (allocated many years ago) to $1.2M.
CH&PA’s 50/50 Jubilee initiative was launched in February, and ended on June 2. It provided for persons who had paid 50 percent of the cost of their house lots by May 1, to be given a 50 percent discount on the balance.
Minister Sharpe-Patterson noted that not all the eligible beneficiaries were able to complete their payment. She explained that though these persons paid 50 percent of the house lot cost by April, they were unable to fulfill the remaining 50 percent on their balance, before the promotion deadline, despite the CH&PA extending it by two days.
The Jubilee promotion was held to encourage various house lots allottees, to pay for their lots and provide them with savings that they could use towards construction of their homes. The promotion was also to improve the liquidity of CH&PA, and to stimulate the construction boom.
There had been some worry by the CH&PA board of the implications of the deal but the ministry had steamed ahead with it.
CH&PA in recent years has been a big driver of the economy sparking unprecedented growth in the hardware, banking, construction and transportation sector.
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The question is ‘how much was not raked in’.