… Completed evaluation report for applications received – Minister
By Jarryl Bryan
Skyrocketing has been of local and foreign interest in funding the People’s Progressive Party (PPP) Government housing campaign, leading to the creation of a shortlisted Government of local and international companies and investors competing for investment opportunities in the housing sector.
In an exclusive interview with this announcement, Ministry of Housing Minister Susan Rodrigues confirmed that the Ministry had received offers from local financial institutions as well as international conglomerates and private investors, all of which have been raided by Ministry evaluators that.
“We just received the report from the evaluators a few days ago. The last time we spoke, they were in the process of completing the evaluation. But the evaluation is complete… for the funding, ”explained Minister Rodrigues.
“We had the evaluators shortlisted. So those shortlisted individuals, we will ask for more information from them… local banks as well as some international groups. Banks and private investors, ”he said, noting that investor interest in housing is at an all-time high.
The PPP Ministry is seeking to allocate about 50,000 housing lots in its first term, which will equate to 10,000 per year. It has already allocated 3500 house lots since the Government took office four months ago – half of the amount announced during the Ministry’s last five years.
On Friday and Saturday, a further 2000 house lots were announced through the Ministry of Housing’s “Dream Realized” initiative at the Guyana National Stadium in Providence, in association with the Central Housing and Planning Authority (CHPA).
This is in an effort to reduce the backlog of 70,000 housing applications in the system. In fact, the Government’s efforts have allowed it to clear the backlog of applications in the system dating from the 1990s.
In line with the Government’s vision for the housing sector, President Dr Irfaan Ali had announced back in October that the Government was looking at a number of areas to secure funding for the housing sector. This includes efforts to raise some US $ 250 million for housing projects.
The Government had previously published an advertisement inviting Expressions of Interest (EoIs) from interested parties to fund housing development. Entities wishing to participate in this financing activity were invited to submit a proposed term sheet detailing: interest rate and terms; a detailed term sheet clearly outlining the assumptions and expectations; time period for ending funding; ability and experience of the participating entity.
The entities were also asked to submit any other terms and conditions that may apply. The Government would then have assessed the EoIs and selected the parties to negotiate / participate in a Housing Financing Development Plan.
The Government also plans to invest more than $ 1 billion in the Region Three housing sector in 2021 through a project funded by the Inter-American Development Bank (IDB). Money was committed for La Parfaite Harmonie, Onderneeming, Minister of the West, Recht-Door-Zee, Lust-en-Rust and Schoonord.
The IDB project, slated to begin in January 2021, will target the elevation of infrastructure in existing housing areas to make it more appealing to potential homeowners and create more sustainable communities.
Minister Rodrigues had revealed earlier this month that the work would involve building three playgrounds and 50 core houses and that at least 500 subsidies would be given to prospective eligible homeowners. He also noted the inclusion of LEDs with the aim of improving community safety features, road construction, and upgrades, as well as water distribution networks.
Also on the Ministry’s agenda for housing development is the expansion and upgrading of existing housing areas including Stewartville, Edinburgh, Anna Catherina, Tuschen and Zeelugt. Further, Region Three is also set to benefit from a US $ 100 million water treatment project for which the Government is securing funding. That should increase coastal water treatment capacity from 52 percent to 90 percent. (G3)