Millions of Dollars to be Made Available in Home Repair Initiative
Thursday 9th May, 2019-Government says Caribbean Union Bank will be tasked with distributing funds for loans that will be issued to those who qualify under a new initiative that will allow homeowners earning very limited incomes to borrow a maximum of EC$50,000 to repair their dilapidated dwellings.
The finer details of the initiative is still being worked out and according to Chief of Staff in the Office of the Prime Minister, Ambassador Lionel ‘Max’ Hurst, information to include how much money will be made available under the special fund will made available shortly.
While he did not reveal how the funds will be sourced, Hurst stated government will get the monies required to facilitate the process.
The $ 50,000 loan will be repayable over 10 years. The main objective is to encourage those whose incomes prevent them from accessing loans at commercial banks, to have access to funding that would enhance their living standards. A ten-year payback period the Cabinet Notes outlined would mean that monthly payments of $250.00 would be required.
The Cabinet is of the view that this program would be helpful in improving conditions of living.