Saint Lucia’s National Housing Corporation (NHC) has been declared insolvent.
The announcement was made by the NHC Chairman Timothy Mangal on Tuesday.
Mangal told the media that the new board inherited this when they took office in July, 2016.
Although the NHC is required by law to present audited financial statements to parliament every year, none of these statements have been produced within the last five years.
Mangal said while the auditors had recommended that the NHC close down, it may be difficult to do so because it it is mandatory for the agency to provide low and medium income homes for Saint Lucians.
The new NHC chairman also revealed that there have been no projects at least for the past five years, with the last being the Marigot Housing Development project, which began in 2007 and ended in 2011.
Despite these many challenges, Mangal said the board plans to have the issue addressed.
The NHC was established through an act of Parliament number 6 of 2001.