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Good news for people looking for affordable housing!
The government has recently launched a self-help program and will offer subsidized mortgages from the TTMF between 2 to 5 % for persons that would like to develop their own home. In this program, you will get access to a list of approved contractors, technical assistance, and oversite of the construction of your new home. Additionally, to avoid the hassle of looking for homes for sale in Trinidad, the Government of Trinidad and Tobago will make it easier. If you do not currently own land, the government will provide land at a value of thirty percent market value!
Conditions for housing
According to the housing minister Randall Mitchel, the government wants to ensure that these lots go to people who need affordable homes. This program means that people who benefit from this process, they would be obligated to build on the land, and not to be attained for speculation or passed down to family members. The minister also announced changes to the income qualifications and other criteria for the Government’s mortgage financing program aimed at allowing “thousands more” T&T citizens to access affordable housing.
Allocation of land and Housing
Thirty percent of this land would be given based on the recommendations by the housing minister, while the other 70% would randomly be drawn by computerized selection. The minister reiterated that this program was to complement the initiatives by the government; as well as incentivize housing to reduce the burden of expenditure. He Says those who are currently renting from the HDC can apply, as well as those who may want to construct land they own. Applications for the Self-Help Programme opens on November 20th, 2017 and close on January 12th, 2018. Forms can be downloaded from the ministry of housing form the following link: click here
Most importantly, beneficiaries will be encouraged to manage the construction process, using their resources, to ensure their homes are completed within a two (2) year period