Castries South East MP Guy Joseph has said that government is committed to helping to reduce the cost of housing and will continue to seek ways to make it easier for young people to own land and build their homes.
The government on Wednesday, August 3, 2017, officially presented lots to individuals under the Forestierre Housing Development project. This initiative allows people to purchase lots to build homes. It is being done through the National Housing Corporation and will provide 74 lots, roughly 5000 square feet each, for sale to the public at $10 a square foot.
Speaking at a ceremony to mark the handing over, Joseph said that the project seeks to help improve lives.
“For the young people, who want to be able to afford to have a house and land at some point in their lives, they may not be able to start with a loan of $300,000 for a house and land package. So I decided that I was going to package this project into housing lots and allow them to buy the lot in the interim. Some of them have opted for house and land packages, so you will see some houses going up but the majority have chosen to buy a lot now and within two years they would have paid a certain amount down on it, [then] they can refinance and they can build a home for themselves,” Joseph explained.
He said that the project will take away some of the pressures of mortgages for young people.
“…While I love the financial institutions, I don’t believe that young people should mortgage their lives for the next 30 and 40 years, that’s my view. And I want to make housing and land as affordable as possible,” he said.