Government Employee Mortgage Finance Programme administered by Development Bank moving apace

BASSETERRE, ST. KITTS, October 8, 2018 (PLP PR Media Inc.) — Government employees are praising the Team Unity Administration for giving them the opportunity to acquire property through the $30 million Government Employee Mortgage Financing Programme they are now appropriately calling ‘GEM’ Programme that is being administered by the Development Bank of St. Kitts and Nevis (DBSKN).

When Prime Minister and Minister of Finance Dr the Hon Timothy Harris addressed the nation through his monthly Press Conference held in the Parliamentary Lounge at Government Headquarters on Thursday October 4, he gave an update on his government’s amazing response to housing needs.

Prime Minister Harris first touched on the Unity Housing Solution Programme, advising that a number of new homeowners would receive keys to their houses in East Basseterre on October Tuesday 16 which will bring to 223 the number of homes delivered under the aegis of the National Housing Corporation (NHC) since 2015.

Secondly he updated on the National Housing Corporation’s Home Enhanced Living Programme (HELP) through which 450 families have been assisted. The third important initiative under housing solutions that Prime Minister Harris gave an update to the Nation was the First Time Homeowners Programme that has so far benefitted some 413 persons.

“The fourth programme we wish to make reference to is the Government Employee Mortgage Financing Programme, which is popularised as the GEM Programme and this one is being administered through the Development Bank of St. Kitts and Nevis,” said Prime Minister Harris.

The Team Unity Administration has committed $30 million to assist civil servants, high or low, in acquiring a property be it a piece of land, or a house. Prime Minister observed that it would also cover the adding on of a bathroom or doing renovation, and anything that would advance property ownership in the country.

“To date the bank has advised that they have approved 62 of over 100-plus applications, and the total mortgage finances committed to date is $10.5 million, and that is just the first phase of the programme,” observed the Honourable Prime Minister, who also added that civil servants who have land or have ownership rights to land are now building on their land as opposed to building on clusters.

The public was further informed that the programme is still open, and while $15 million is the amount that had been deposited at the Development Bank of St. Kitts and Nevis as the first tranche, it now means that the government would have to provide the second tranche of $15 million to bring the total amount to $30 million committed to the programme.

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