GUYANA under the PPP/C administration has changed the housing landscape in the country. The proliferation of housing schemes in all the 10 regions of Guyana and the regularisation of squatter settlements have in a sense resulted in a new Guyana, one in which for thousands of Guyanese there exists a renewed sense of optimism and hope of a more secure and economically better life.

Without doubt, 2021 can be described as a momentous year as thousands of Guyanese are now the proud owners of their own homes as a result of the government’s robust housing programme, which in addition to addressing the housing needs of citizens, has also been doing substantial work in terms of infrastructural works in these new housing areas. These include the construction of roads, provision of electricity, water and other social amenities in order to create a home-friendly environment for citizens in their respective communities.

In all of this, the hinterland communities have not been left out. Over 100 families in Regions One, Seven, Eight and Nine will also benefit from the construction of homes and home- improvement subsidies under a $700 million hinterland housing programme.

Full credit must be given to the PPP/C administration for the billions of dollars it has invested in the housing sector, resulting in thousands of Guyanese having their dreams of a roof over their heads being realised and living in homes they can proudly call their own. In keeping with a promise made by President Dr Mohamed Irfaan Ali, the Housing Ministry was able to surpass its yearly target of distributing 10,000 house lots in 2021 and projections of realising a projected 50,000 house lots by the end of its first term in office are well within reach. Only recently, a number of core homes were constructed under the Adequate Housing and Urban Accessibility Programme in Region Three, which will be replicated in other regions. This facility targeted vulnerable Guyanese who found it difficult to meet the full cost of home construction.

Home ownership under the PPP/C is much easier thanks to a menu of measures put in place not only in terms of obtaining house lots, but also in assessing bank-financing. This is especially so in the case of the New Building Society (NBS), which only recently dropped interest rates on loans, especially with respect to low-income mortgages. The government has also put in place a number of fiscal incentives which impacted positively on the cost of building materials, making it less financially burdensome to build homes.

These are no mean achievements but the benefits of the government’s housing programme goes beyond homeownership. The business sector also benefits from larger sales turnover of building materials, not to mention the thousands more who gain employment as labourers both, skilled and unskilled, in the construction sector.

As pointed out by President Ali, the investment portfolio of some $15 billion in the housing sector has resulted in the importation of roughly 40 per cent of demand for building materials with an estimated value of over US$100 million, which is likely to increase three-fold over the next three years as new infrastructural projects become operational. That massive investment in the housing sector has been accompanied by a significant drop in low-income interest rates and an increase in the loan ceiling from $12 million to $15 million and an increase in the mortgage-relief threshold from $15 million to $30 million.

The PPP/C administration has done a great job in putting a roof over the heads of tens of thousands of Guyanese over the years. This is in stark contrast to the abysmal failure of the previous APNU+AFC administration which failed to provide house lots to those in need. In fact, the records will show that the PPP/C administration provided more house lots to eligible Guyanese in a single year than the APNU+AFC was able to do in its entire tenure in office. This is quite an achievement and nothing short of a success story for which the government must be given full credit.