Basseterre, St. Kitts - July 13th, 2012 (SIDF) -- Citizens of St. Kitts and Nevis will soon be able to apply for a residential loan up to EC$500,000.00 at a fixed annual interest rate of 5%. The Sugar Industry Diversification Foundation (SIDF) established the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the Equity Assistance Fund (EAF) in partnership with indigenous financial institutions earlier this year. Terms and conditions have recently been revised to make the Funds more attractive to prospective homeowners.
A grand exposition has been planned to launch the FREESH and the EAF. The event takes place in St. Kitts on Tuesday, July 24, 2012 from 1:00 p.m. to 6:00 p.m. at the St. Kitts Marriott Resort, and in Nevis on Wednesday, July 25, 2012 from 1:00 p.m. to 6:00 p.m. at Occasions.
Persons desirous of constructing a new home are invited to attend the exposition to meet with loans officers, contractors, architects, housing developers, suppliers of building materials and other service providers in the home construction sector. At both expositions, an interactive presentation will be made by a qualified, experienced architect and planner on the topic: Planning a Home: Be Aware and Beware.
Following the exposition, citizens may apply to the Development Bank of St. Kitts and Nevis, FINCO, Bank of Nevis or the St. Kitts Co-operative Credit Union for a residential mortgage under the new terms and conditions. All applications must be submitted through the SIDF website – www.sknsidf.org.
The main goal of the Funds is to encourage expansion in the construction sector and to provide loan capital through participating financial institutions to middle to low income citizens. Ten million Eastern Caribbean dollars has been allocated to the FREESH, and one million Eastern Caribbean dollars has been reserved for the EAF.
A major goal of the Sugar Industry Diversification Foundation (SIDF) is to expand activity in the construction sector and, by extension, economic activity in the Federation, by providing loan capital to as large a number of successful applicants as possible through various participating institutions. To achieve this, the SIDF has partnered with the Development Bank of St Kitts and Nevis (DBSKN) to provide monies, via a Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH), for on-lending to persons desirous of constructing a home.
The use of this Fund will stimulate the Housing Sector by encouraging residents to invest in new residential housing; generate employment opportunities; improve access to housing; and enhance the quality of the housing stock. The SIDF has allocated an amount EC$10,000,000 to the FREESH. The SIDF has also provided an additional sum of EC$1,000,000, under an Equity Assistance Fund (EAF), to provide equity assistance for mortgages that qualify for funding under the FREESH. The EAF would help to remove the barrier to accessing residential mortgages, particularly for those applicants who may have difficulty in making the down payment.
The FREESH would enable successful applicants, primarily those in the lower to middle income bracket, to secure residential mortgage loans of up to $400,000, at a reduced rate of interest of 6.0% per annum. This initiative is designed only for applicants undertaking new residential home construction so as to maximize the economic impact by increasing the number of new construction starts The SIDF has identified DBSKN as the partner in this initiative which shall be responsible for efficiently and effectively managing the disbursement of the Fund as well as monitoring and supervising its performance. Participating institutions presently include the DBSKN and the St. Kitts-Nevis Finance Company Ltd (FINCO).
Economic and Social Benefits
A major goal of the Sugar Industry Diversification Foundation (SIDF) is to expand activity in the construction sector and, by extension, economic activity in the Federation, by providing loan capital to as large a number of successful applicants as possible through various participating institutions. To achieve this, the SIDF has partnered with the Development Bank of St Kitts and Nevis (DBSKN) to provide monies, via a Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH), for on-lending to persons desirous of constructing a home.
The use of this Fund will stimulate the Housing Sector by encouraging residents to invest in new residential housing; generate employment opportunities; improve access to housing; and enhance the quality of the housing stock. The SIDF has allocated an amount EC$10,000,000 to the FREESH. The SIDF has also provided an additional sum of EC$1,000,000, under an Equity Assistance Fund (EAF), to provide equity assistance for mortgages that qualify for funding under the FREESH. The EAF would help to remove the barrier to accessing residential mortgages, particularly for those applicants who may have difficulty in making the down payment.
The FREESH would enable successful applicants, primarily those in the lower to middle income bracket, to secure residential mortgage loans of up to $400,000, at a reduced rate of interest of 6.0% per annum. This initiative is designed only for applicants undertaking new residential home construction so as to maximize the economic impact by increasing the number of new construction starts The SIDF has identified DBSKN as the partner in this initiative which shall be responsible for efficiently and effectively managing the disbursement of the Fund as well as monitoring and supervising its performance. Participating institutions presently include the DBSKN and the St. Kitts-Nevis Finance Company Ltd (FINCO).
Economic and Social Benefits
http://www.sknsidf.org/projects/projects_details.cfm?prz=26&p=16
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