FINCO, Development Bank, get SIDF funds for home construction, mortages

Homes built on former Buckley’s Estate sugar lands (not with FREESH funds). Photos by Erasmus Williams.

BASSETERRE, ST. KITTS, JUNE 7TH 2012 (CUOPM) – Some EC$10 million has been allocated by the Sugar Industry Diversification Foundation (SIDF) to the Development Bank of St. Kitts and Nevis under the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) for on-lending to persons desirous of constructing their own home.

Chief Executive Officer (CEO) of the SIDF, Mr. Terrence Crossman also disclosed the Development Bank and FINCO, a subsidiary of TDC, are two of the financial institutions that are already benefitting from EC$1 million that has been set aside to provide equity assistance for mortgages that qualify under the FREESH.

He said the establishment of the Equity Assistance Fund (EAF) is to encourage residents to invest in new residential housing, thus generating employment opportunities in the construction industry.

“The Fund aims to improve access to housing and enhance the quality of the housing stock,” said Mr. Crossman.

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 participating institutions include the Development Bank of St. Kitts and Nevis and the St. Kitts-Nevis Finance Company Ltd (FINCO).