The event was a trade show style forum, with the participation of various sectors that could be helpful when constructing a home. These included architects, contractors, insurance companies, developers, the Inland Revenue Department, energy saving companies, building supplies retailers and others.
Speaking with MiyVue.com at the event, the CEO of the SIDF, Mr. Terrence Crossman said that he was very pleased with the large turnout from people of all walks of life. He said that the SIDF was able to generate the level of interest that they expected as they launch FREESH, the Fund for the Realization of Economic Empowerment to Subsidize Housing.
Crossman confirmed that the SIDF is providing 10 million dollars (EC) as a part of the portion of total mortgage amounts to assist banks to provide 5% fixed interest with mortgages for persons who are interested.
“We expect to have anyway from 60-70, and hopefully more persons qualifying under this initiative; and we trust that once this initiative goes forward as successfully as we think it will, we would be able to evaluate it, evaluate the impact, and made a determination how we fund initiatives of this nature, specifically in the construction sector, which we know is a key driver of economic activity in this economy,” said Crossman.
The money being provided by the SIDF is to be passed on to participating financial institutions, (banks and FINCO). However persons MUST apply to the website of the SIDF at http://www.sknsidf.org/, click on the icon for the FREESH program and there they would have the opportunity to select from one of the stated financial institutions.
There are some matters that are not variable said Crossman and these include the maximum of the loan, which is EC$500, 000 and secondly the rate of the mortgage, which is 5%.
Approximately 500 persons attended the event over the 6-7 hours of the launch and subsequent presentation with finer details.
A similar event was also planned for Nevis.