Another Boost towards Homeownership on Nevis
The Premier said that in addition to the Development Bank and FINCO’s interest rate of 6% for first time owners, the recent introduction of the Building Materials Incentive Programme (BMIP) and with the low-income housing schemes available through the Nevis Housing and Land Corporation (NHLDC), “home ownership is made easier and more affordable.”
“ Nevisians have always been a people that took pride in owning land and their own house, so with these components being offered, home ownership for many is not a far-off dream,” said the Hon. Joseph Parry.
Chief Executive Officer (CEO) of the SIDF, Mr. Terrence Crossman also disclosed that the financial institutions that are already benefiting from the multi-million dollar plan, has been set aside to provide equity assistance for mortgages that qualify under the SIDF program.
He said the establishment of the Equity Assistance Fund (EAF) is to encourage residents to invest in new residential housing, which will assist in 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.
According to 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 for home ownership.