Posted On: Saturday, 09 June 2012 Last Updated: Sunday, 10 June 2012
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Basseterre, St. Kitts, (Saturday 9th June, 2012)-The establishment of the Equity Assistance Fund (EAF) by the Sugar Industry Diversification Foundation (SIDF) is to encourage residents to invest in new residential housing, thus generating employment opportunities in the construction industry, said local officials.
“The Fund aims to improve access to housing and enhance the quality of the housing stock,” said Chief Executive Officer (CEO) of the SIDF, Mr. Terrence 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.
The participating institutions include the Development Bank of St. Kitts and Nevis and the St. Kitts-Nevis Finance Company Ltd (FINCO).
Some EC$10 million has been allocated by the SIDF to the Development Bank of St. Kitts and Nevis under the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) for on-lending to persons desirous of constructing their own home.
Crossman also disclosed the Development Bank and FINCO, a subsidiary of TDC, are two of the financial institutions that are already benefitting from EC$1 million that has been set aside to provide equity assistance for mortgages that qualify under the FREESH.