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(PRESS RELEASE) – Saint Lucians with low to moderate incomes are set to benefit from an innovative housing project soon to be launched by the National Insurance Corporation (NIC).
The proposed low-cost housing project being developed by the NIC, will help in addressing the demand for affordable housing on the island.
The National Insurance Property Development & Management Company Ltd. (NIPRO), a subsidiary of the NIC, is currently assessing properties owned by the corporation in order to select an appropriate site.
Critical factors affecting site selection are enabling topography, proximity to population centers and access to main public transport routes.
The low-cost housing project is expected to form part of a larger master-planned development to include recreational areas as well as light commercial activity related to serving the needs of the community.
In order to ensure that the project will be affordable for its target markets, the low-cost housing project will seek to incorporate innovations in construction methodologies and materials geared towards overall cost reductions.
Further consideration will be given to the desirability of differing types of accommodation styles inclusive of apartment complexes, duplexes, and standalone housing units. It is envisaged that financing options will be developed to facilitate ownership of units.
The design of the housing units will take into account the need for sustainability and for resilience to natural disasters. It will also incorporate rainwater harvesting systems and use of grey water from buildings to water community gardens and serve other non-potable water needs.
The NIC has been and will continue to liaise with other public entities notably the St Lucia Development Bank and the Ministry of Housing to ensure a coordinated approach is adopted to address the problem of inadequate affordable housing.