This was similar to the Home Ownership Exposition that was staged in Basseterre the day before, when some 500 persons were present to learn about the possibilities of obtaining a low interest mortgage loan that is being facilitated by the SIDF, through the Fund for the Realization of Economic Empowerment through Subsidised Housing (FREESH).
It was the same journey made in Charlestown on Wednesday, when Nevisians made their way to the Occasions Event Centre, at Pinney’s Estate, to learn more about the program.
While at the function some residents who qualify were able to open discussions with representatives of financial institutions that are participating in the initiative. Others have also been having discussions with contractors, architects and building suppliers, with the hope that their application for one of the loans would be accepted.
However, SIDF’s CEO, Mr. Terrence Crossman has already pointed out that the 10 Million EC$ that his organization is making available to participating financial institutions, may only be able to accommodate 60-70 persons. He confirmed that the fixed interest rate will be 5% and the maximum loan to be granted to any one applicant is EC$500.00.
The program has however been praised by the Premier of Nevis, Joseph Parry, as one that would do three important things for residents of Nevis. He said it will allow home ownership at an affordable rate; it will bring a boost to the construction industry on the island and stimulate the economy.
While applauding the FREESH program, Joseph Parry also mentioned the Equity Assistance Fund (EAF) which would provide reasonable assistance for mortgages that qualify for funding under the program.
“The EAF program has allocated about EC$1M to help access down payments for eligible applicants. This is yet another example of all the assistance the fund is set to do, in order to get qualified persons in their own homes,” concluded the Premier.
The exposition of the Homeownership fund established in partnership with the Development Bank of St. Kitts and Nevis and FINCO ran from 1pm- 6pm and allowed persons to also meet with housing developers, insurance representatives, and loan officers who were available to give information on the many needs of home construction