MOU signed to finance construction of 500 homes in Region Three

The Central Housing and Planning Authority (CH&PA) on Saturday, signed a Memorandum of Understanding (MOU) with Republic Bank Limited (RBL) for the financing of 500 low-income homes at Leonora, Region Three (Essequibo Island- West Demerara).

The 20 x 30 (625 square feet) two-bedroom flat units will be built at a cost of $5.5 million each.

Minister of Housing and Water, Collin Croal and Minister within the Ministry, Susan Rodrigues witnessed the signing between CH&PA’s Chief Executive Officer Sherwyn Greaves and Republic Bank’s General Manager, Credit, Venus Frith at the International Building Expo being held at the National Stadium at Providence, East Bank Demerara.  

During brief remarks at the signing ceremony, Minister Croal said that the project will commence immediately with the construction of the first 100 homes under the project.

“One can see the commencement of work in the new week, where the steel for the foundation will be placed,” he explained.

Minister Croal acknowledged the partnership between the government and financial institutions to ensure Guyanese can have easy access to financing to construct their homes.

The signing, he said, is part of that collaboration, where low- income homes will be built for families, who were qualified under the government’s Home Construction Assistance programme, which was launched by His Excellency, Dr. Mohamed Irfaan Ali in May.

This is part of what it means about partnership, what it means about development, and what it also means to the lives of our citizens by making it much more affordable for them so that we can all achieve, and achieve this ‘One Guyana’ dream, which includes owning your own home, he said.

Minister of Housing and Water, Collin Croal and Minister within the Ministry, Susan Rodrigues witnessing the signing between CH&PA’s Chief Executive Officer Sherwyn Greaves and Republic Bank’s General Manager, Credit, Venus Frith

Meanwhile, Republic Bank’s Manager, Ms. Frith said that the signing of the MOU signals the continued indication of the bank’s commitment, and passion to contribute to the development of the country, and its people.

The home construction assistance programme seeks to accelerate the government’s housing drive, while also addressing challenges faced by families who have acquired government or private lands, but are unable to build their homes, due to inaccessibility to financing, and issues with contractors.

The initiative is part of the PPP/C Government’s strategy to provide affordable housing solutions to Guyanese.

On Friday evening, President Ali announced support for homebuilders which includes the provision of steel and one sling of cement for persons building homes valued $6 million and below. For every other category of home builders, including young professionals and those in the middle-income bracket constructing homes costing over $6 million up to $25 million, government will provide two slings of cement. 

To date, close to 12,000 house lots have been distributed, with 5,000 are slated to be allocated during the Building expo. Some 1,200 units were also built in Regions, Three, Four, Six and Ten, 300 of which have been handed over to the beneficiaries.  This brings the government closer to achieving its goal of distributing 50,000 house lots by the end of the year 2025.

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