A
alexk
Guest
In an effort to boost its housing stock, the Housing Development Corporation yesterday launched its latest partnership with a private contractor to construct over 200 houses in the Cunupia area.
Speaking at the launch of the project, HDC’s managing director Brent Lyons said the State corporation could not meet the demand to supply subsidised houses to over 176,000 applicants currently in the system.
Lyons said the unavailability of land and reduced expenditure by Government were two of the factors which favoured the public/private/partnership arrangement.
He said the model was conceived in 2016 with the HDC as the implementing agency. Lyons said the arrangement was simple as it entails the use of financial resources from the private sector and land from the State.
“Through this model, we are able to harness available financial resources from the private sector coupled with their skills and expertise to find a positive outcome for those on the public housing database,” Lyons said.
The Cunupia project, the Bamboo Creek Villas, is being undertaken by Motilal Ramhit and Sons Contracting Ltd.
“What the State has agreed to provide, therefore, is a ready, eager and willing clientele who can easily afford to service a mortgage for this property. This approach will not only reduce the number of applicants on the database but it will allow us to satisfy our mandate, provision of quality, affordable housing units,” he said.
Lyons said the HDC is seeking more involvement of the private sector in the public housing business and is inviting more submissions. Lyons said the HDC would still be in the business of constructing housing.
“Our accelerated housing programme continues apace at many locations along the East/West corridor, in Central and South Trinidad,” he said.
The Bamboo Creek Villas development would be a gated community with all amenities and will consist of a mix of single-family, duplex and townhouses. This development is being constructed on approximately 26 acres of land and would have a housing yield of 201 units — 44- three bedroom single family units, 42- three bedroom duplex units and 115-three bedroom townhouse units.
The units start at $1.2 m. Once the applicants meet the financial requirements they can seek a mortgage at the T&T Mortgage Finance or at any other financial institution.