The government says it has agreed to establish a special fund that will allow homeowners earning very limited incomes to borrow a maximum of EC$50,000, repayable over 10 years, for repairs to their dilapidated homes.
The object is to encourage those whose incomes prevent them from accessing loans at commercial banks, to have access to funding that would enhance their living standards.
A ten-year payback period would mean that monthly payments of $250.00 would be required.
The Cabinet is of the view that this program would be very helpful in improving conditions of living.
The Cabinet agreed that the HAPI Program (Housing Assistance for the Poor and Indigent) continues, since it serves a group that finds itself virtually without an income from earnings, and no savings to improve their dwelling place.
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“A ten-year payback period would mean that monthly payments of $250.00 would be required”. Where did that writer learn to do maths. Minimum is 416.
The monthly payment would be $500.00 and not $250.00. This will be a tremendous help to the workers at the lower end of the wage train, such ad CBH workers, Security personnel and non-established workers in general. Way to go Mr. PM! Keep up the good works.
This is awesome news.
The next thing the government can consider is a thrift fund for all public sector workers say 5% of income. Now the government can invest these monies in government treasury bonds and the employees shall benefit from the 6% returns.
ACB is a fit and proper place to manage such fund…
Hopes someone brings this to the PMs attention……
Great news! Where do I sign up?
Article is misleading with both the stated repayment amount and non disclosure of interest rate on the loan.
If an already cash strapped government is willing to give out interest free loans over 10yr amortization period it’s going to end in disaster since this formula does not account for minimal inflation.
You must be a member of the “Faithful Nationals” lol
This is a really great initiative
The question now is who qualifies for this initiative??? Will it be the RED COLORED FOLKS or all of us?
Will we benefit from this program as a nation or will it be like the duty free initiative, where red folks get 100% while blue, Orange, green and those on the fence get 50%???
Or will it be like the Nation Housing program where persons get opportunities to purchase a home due to who they know???
ASKING FOR A FRIEND
I am curious to know what qualifies as very limited income. Is it less than $1200 dollars a month or is it less than $4000? If its the first then my question is how in the world can they manage to pay $250 a month consistently for 10 years. Are they going to do a credit check like other financial institutions to see if they owe other businesses or other financial institutions money? Or if they even have the ability to repay the money no matter how insignificant the amount may seem to some? Cause unless those persons have no other responsibilities such as rent, small children, utilities etc how in the world can the people manage to live?
The idea is nice but just like many other things is the practical application is what really matters. Most of the people who might end up with the loans are persons making over $2500 – $3500 a month.
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