Wednesday, May 3, 2006

According to the Leader of Government Business Hon Kurt Tibbetts, consideration is being given to reviving the Government-guaranteed Mortgage Scheme.

“We are now moving forward with plans to provide quality, affordable housing for those persons in our community who find it impossible to acquire a home using the commercial banking system,” he said.

Mr Tibbetts said that there is a growing waiting list of families in need, and the National Housing and Community Development Trust is developing plans that will include transferring land free of cost to those who qualify.

As a result, the only mortgage consideration to these families would be the cost of construction. 
“The Trust is striving to address the immediate housing needs of Caymanians while also taking steps to engage the construction and finance industry in the plans to make affordable homeownership a reality for many more Caymanians,” he said.

Among the steps being taken to meet affordable housing needs are dividing the land the Trust owns on Eastern Avenue and Fairbanks into single family house lots; working with the Cayman Contractors Association to develop plans for new houses; and seeking interest from reputable contractors to build houses at both sites.

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