$40m Loan For NHC To Construct Houses Over Five-Year Period

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Minister of Housing and Lands, Michael Lashley (left), and Director of South View Development??Inc.??and??Architect, SRM Consultants, Tony Selby, at the launch of the development??at Kent, Christ Church. (C. Pitt/BGIS)

The Ministry of Housing and Lands, on behalf of the National Housing Corporation (NHC), has received a commitment letter from First Caribbean International ??Bank for $40,000,000 to construct residential houses for sale, over a five year period.

This disclosure came today from Minister of Housing and Lands, Michael Lashley, as he officially launched the 54 acre South View Development at Kent, Christ Church.??

According to Mr. Lashley, the loan is necessary to assist the NHC in meeting the demands for residential houses of its 27,000 client base.

"The Revolving Loan Account will operate in the following manner:?? The draw downs from the loan will be used to finance the construction of residential houses for the NHC; the cash inflows from the sale of the houses will be used as a rolling stock fund to finance the construction of more residential houses; and the revolving loan will be repayable in 28 equal quarterly payments, commencing 15 months after the first draw down," Minister Lashley explained.

The funds will be used to construct 126 houses at Parish Land; 69 at River Crescent and 500 at Bushy Park, in St. Philip; 60 at West Terrace/Durants, 40 at Lancaster I and 41 at Lancaster II in St. James; and 400 at Spring Garden, St. Lucy.??

The Housing Minister also outlined that debate on the acquisition of Bushy Park is expected to take place in the House of Assembly shortly and will not result in the removal of the race track.?? Small contractors, he maintained, will be employed by the NHC to complete the projects.

Mr. Lashley congratulated the developers, South View Development and SRM Architects Ltd. for working to bring a modern community of 258 houses at Kent, to fruition.???? The land was bought from the NHC in 2005 to sub-divide the area to construct houses.?? The first phase of 46 two and three bedroom townhouses is expected to be completed by mid-2011.??

The average property size in the project is 8,500 sq feet and lots range from $213,419 to $278,322.

lbayley@barbados.gov.bb

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