Government to provide one thousand Lots for Affordable Housing : A guide to Government’s Aided Self-Help Housing Programme
Good news for people looking for affordable housing!
The government has recently launched a self-help programme and will offer subsidized mortgages from the TTMF between 2 to 5 % for persons that would like to develop their own home. In this programme, you will get access to a list of approved contractors, technical assistance, and oversite of the construction of your new home. Also, if you don’t’ own land, the government would provide land at a value of thirty percent market value!
According to the housing minister Randall Mitchel, the government want’s to ensure that these lots go to people who are in need of affordable homes. This means that if a person benefits 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.
Thirty percent of this land would be given based on the recommendations by the housing minister, while the other 70% would be based on a computerized draw. The minister reiterated that this programme was to complement the initiatives by the government to incentivize housing in an attempt 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 closeses 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