Latest update May 12th, 2024 12:59 AM
Jan 07, 2010 News
Ali to seek further $1.5 billion today
The government will today ask the National Assembly to approve the sum of $1.5 billion to add to a revolving fund to help vulnerable groups build homes.
The sum of $400 million was approved by the National Assembly five months ago, but that money has not been used. In fact, the fund has not yet been activated.
Minister of Housing, Irfaan Ali, yesterday confirmed that the sum of $1.5 billion for the housing fund is part of the supplementary budget the government will ask the House to approve today.
Ali told Kaieteur News that his Ministry is in the process of finalising the methodology for the disbursement of the funds. He said time has been spent on working out who will be eligible to access the funds.
The Ministry has a built-in mechanism to determine the vulnerable groups, since they would have applied for low-income house lots.
The government decided on setting up the Fund because it was found that a number of low income families who were given house lots in new housing areas could not afford to build houses. Those on the line to benefit first from the Fund would be single-parent families and those who are unable to satisfy the requirements to get a loan from commercial banks.
The Fund will be operated by the Central Housing and Planning Authority, and will eventually be increased to $2 billion, Ali stated.
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