BASSETERRE, St. Kitts - IN an effort to expand activity in the construction sector, the Sugar Industry Diversification Fund (SIDF) yesterday (July 24) held an exposition where prospective homeowners had the opportunity to gather information on how they could access up to EC$500 000 for home construction.
Via a Fund for the Realisation of Economic Empowerment through Subsidised Housing (FREESH), the exposition which was held at the St. Kitts Marriott Hotel saw some 800 persons meeting with contractors, architects, housing developers, insurance representatives, suppliers of building materials and loans officers; all of whom received valuable information related to home construction.
The fund, established in partnership with the Development Bank of St. Kitts and Nevis, FINCO and the St. Kitts Co-operative Credit Union, ran from 1:00 p.m. to 6:00 p.m. and allowed successful applicants to secure a residential loan up to EC$500 000 at a fixed interest rate of five percent.
A one-hour special presentation was done by Victor Williams on Planning a Home: Be Aware and Beware.
During the interactive session, Williams walked the attendees through the entire process of home ownership - from the thought of owning a home to designing one, and from choosing a contractor to the finished product.
Following the exposition, persons were able to apply to the various financial institutions for a residential mortgage.
The SIDF has allocated EC$10M to the FREESH with an additional EC$1M allocated to the Equity Assistance Fund (EAF) which would provide reasonable assistance for mortgages that qualify for funding under the programme.
The EAF is expected to help remove the barrier to accessing residential mortgages, particularly for those applicants who may have difficulty in meeting the down payment.
The SIDF, through this fund, is hoping to expand activity in the construction sector and, by extension, economic activity in the Federation by providing loan capital to successful applicants through the participating institutions.
The SIDF is also hoping that the Federation benefits both socially and economically by creating employment opportunities for the unemployed and under-employed, generating income and fostering home ownership while creating a sense of self-worth.
