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Govt spends bulk of $12.4 B budget allocated for housing sector in first half of 2022
Kaieteur News – In the first half of 2022, Government expended $8.1 billion of the $12.4 billion allocated to further develop the housing sector.
Minister of Housing and Water, Collin Croal
This is reflected in the mid-year report released by the Ministry of Finance over the weekend. According the report of $11 billion allocated to continue infrastructure works in Central Housing Planning Authority (CH&PA) for housing areas, the sum of $7.4 billion was spent, so far.
The document noted that approximately 10 kilometres of roads were upgraded in existing housing areas at Uitvlugt, Belle West, La Parfaite Harmonie, Herstelling, Ordinance Fortlands, Bath, Balthyock, Good Hope, Mon Repos, Section D Non Pariel, Tuschen and Onderneeming. Additionally, 750 LED streetlamps were installed across the country during the first half of the year.
The installation of electricity and distribution networks were completed at 12 housing areas in Regions 3, 4 and 6, with similar works in 14 new housing areas slated for the second half of the year. The document noted that infrastructural works are ongoing in housing areas in Regions 2, 3, 4, 5, 6 and 10. In its half- year report, the Ministry of Finance revealed that CH&PA completed works on 25 core homes at La Parfaite Harmonie, while another 25 are slated for construction by the end of the year.
Construction was completed for 100 low-income homes at Hampshire/Williamsburg, 150 moderate-income homes at Cummings Lodge, and 125 houses for young professionals at Providence and Prospect, in the first half of the year.
In the Sophia Housing Area, the report said 25 core homes are currently being constructed, while construction of a further 25 is expected to commence by year end.
Additionally, the construction of another 21 core homes is expected to commence by the end of the year, along the East Bank and East Coast of Demerara.
The Government’s ‘Dream Realised’ housing drive was highlighted in the report. Under the ‘Dream Realised’ platform, the CH&PA launched a home construction assistance programme during the first half of the year in Regions 3, 4, 6 and 10 with the aim of providing access to financing for persons building their own homes.
Under the programme, the CH&PA distributed 1,843 house lots during the first six months of the year, taking the total allocation to 11,680 lots since August 2020.
It is also expected that a further 8,000 lots will be distributed by the end of the year. A total of 449 land titles and transports were issued in the first half of 2022, and an additional 5,600 are scheduled for the second half of the year, bringing the projected total to 6,049, exceeding the 6,000 land titles and transports targeted for issue in 2022 where 399 persons registered for assistance.
This programme allows applicants to choose from three pre-designed units at a cost of $7 million, $9 million or $12 million, and pre-qualify for loans with financial institutions such as Republic Bank and New Building Society to meet the cost of construction. Additionally, the report said distribution of 800 home improvement subsidies is planned for the second half of the year, with 121 home improvement subsidies, valued at $60.5 million to be distributed in the third quarter, and a further 679 subsidies before the end of the fourth quarter.
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