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No approval given for resale of young professional homes – Housing Minister
Minister of Housing, Collin Croal
Kaieteur News – Minister of Housing, Collin Croal has made it clear that beneficiaries of the young professional homes who attempt to resell or dispose of the properties do not have the approval of his ministry to do so.
The young professional homes initiative is a government housing programme offering affordable, modern homes to young citizens. These schemes feature various options, including flat and elevated three-bedroom designs. Recently, advertisements have surfaced of persons purportedly reselling these state-issued homes.
During an interview with this publication, Minister Croal acknowledged the reports of persons attempting to dispose of the homes.
He explained, “The young professional houses, they all have agreements that you sign to, and remember you’re acquiring it through the State, so disposal of asset through sale has a process. So, for most of these things that you see sometimes where people advertise, obviously didn’t come through us. That may have been probably something behind the scene that we won’t have knowledge of.”
An advertisement for the sale of a young professional home
When pressed on government’s position in clamping down on such practices, the minister noted, “We have been receiving one and two reports, it’s something I have paid some attention to, but as I said, if there was a sale, it’s not a sale that came through the ministry…”
Minister Croal explained that there is a prescribed time period within which a state-acquired home cannot be disposed of. “So, it means if you’re disposing of before the prescribed time period…it would not be a transfer of title through the ministry,” Croal clarified.
Asked whether the sales are illegal, the minister pointed out that while beneficiaries receive titles for the homes, the agreements signed explicitly bar disposal within the specified timeframe. “In terms of disposal if you’re legally disposing of an asset, you have to have approval and what I’m getting to you is that they obviously would not have had the approval through the ministry,” he stressed.
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THE BLUNT OF THE DAY
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Maybe, some want to make a quick profit, lost their job, relocating outside
the country.
The State should have included a clause, if not there, of a heavy monetary
penalty, disposing of the property prior to end of specific terms.
Hope these home carry mortgage insurance/homeowners insurance etc.
The FIRE BUG is known to fly from places to places and “poof”, there is
a new fire.