THE MECHANISM to activate a revolving housing fund to assist low and middle-income families is expected to be in place by the first quarter of 2010, Minister of Housing and Water Irfaan Ali said recently. The fund will assist persons unable to qualify for a mortgage to access the finance they need to construct their homes.

The first tranche of $400M, which represents 20 per cent of the fund, will be operated by the Central Housing and Planning Authority (CH&PA), and will increase eventually to $2B for continuous housing expansion.

“We are working on a mechanism to implement it. We have the manual and policy governing it, and as soon as that mechanism is completed the fund would be put in place…we are looking forward for this too…A lot of persons have great interest in it… This is something that we will seek to have done in the first quarter of 2010,” Minister Ali said.

The revolving fund is expected to target pensioners, single parents and persons who have suffered domestic violence.

To qualify for a low-income house-lot, a beneficiary analysis will be conducted by the Housing Ministry during an interview with applicants to determine access to funding.

The creation of the fund was first announced by President Bharrat Jagdeo when he delivered his Independence Day speech on May 25, 2009 at the flag-raising ceremony.
The fund will provide further impetus to the Ministry’s housing drive of expanding and improving access to low-income housing. (GINA)