SIDF to Launch New Initiative

The SIDF has created FREESH – the Fund for the Realization of Economic Empowerment through Subsidized Housing (FREESH) and the EAF – the Equity Assistance Fund (EAF) in partnership with indigenous financial institutions earlier this year.

Terms and conditions have recently been revised to make the Funds more attractive to prospective homeowners, the SIDF said.

Although the funds were made available months ago, the launching of FREESH and the EAF will take place in St. Kitts on Tuesday, July 24, 2012 from 1:00 p.m. to 6:00 p.m. at the St. Kitts Marriott Resort, and in Nevis on Wednesday, July 25, 2012 from 1:00 p.m. to 6:00 p.m. at Occasions.

Persons desirous of constructing a new home are invited to attend the exposition to meet with loans officers, contractors, architects, housing developers, suppliers of building materials and other service providers in the home construction sector.

The events in Nevis and St. Kitts are an interactive presentation which will be made by a qualified, experienced architect and planner on the topic: “Planning a Home: Be Aware and Beware.”

Information on the SIDF website stated that following the exposition, citizens may apply for up to EC$500,000 either to the Development Bank of St. Kitts and Nevis, FINCO, the Bank of Nevis or the St. Kitts Co-operative Credit Union for a residential mortgage under the new terms and conditions.

All applications must be submitted through the SIDF website – www.sknsidf.org.

The main goal of the Funds is to encourage expansion in the construction sector and to provide loan capital through participating financial institutions to middle to low income citizens. Ten million Eastern Caribbean dollars has been allocated to the FREESH, and one million Eastern Caribbean dollars has been reserved for the EAF.

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