Housing Minister reveals that almost 300 apply for govt’s home construction assistance

Almost 300 persons have already registered for the government’s Home Construction Assistance Programme, which provides assistance to Guyanese to access finances to construct their homes.

Housing and Water Minister, Collin Croal, on June 10 disclosed that of the 300 persons who registered since applications opened on May 30, some 100 persons were pre-approved by the banks for financing to build their homes.

“It means that they [registered persons] will eventually move to the pre-approval stage. For some of them, they may be short of a particular document to show to the bank. Some instantaneously got their approval on the spot,” the minister revealed.

Croal pointed out that the programme extends to persons own lands acquired through the Central Housing and Planning Authority (CHPA) or privately.  “It is not for structures that are in progress, it is for persons who have their lands, and have difficulties getting that start-up to build.” he explained.

The minister further explained that it is important that the applicant shows ownership of the land, since it will be used as the equity to the bank.   “What they do, is for example if five percent works out to $500,000, then that amount goes towards the overall cost for the mortgage…In essence you can have zero and get the financing to build your home,” he said.   

Croal pointed out that under the Home Construction Assistance Programme, applicants can select one of three categories of units available.  These are, two-bedroom flat units costing $7M, three-bedroom flat units for $9M and the three-bedroom elevated units at $12M.

It was disclosed that the programme is the brainchild of President Irfaan Ali. It seeks to accelerate the government’s housing drive, while also addressing challenges faced by Guyanese families who have acquired government or private lands, but are unable to build their homes, due to inaccessibility to financing and issues with contractors.

Croal noted that applications for the programme officially opened on May 30 at the Ministry’s Head Office on Brickdam, Georgetown and a number of persons have capitalised on the opportunity. He said that it was then taken to Linden, Region Ten last week and over 60 persons were registered. Croal added that it is expected to be launched in Region Six on June 14.