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Government Making Home Ownership More Affordable

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The Hon. Philip J. Pierre-led Administration prioritizes the needs of Saint Lucians first and always. The Year of Infrastructure will close the housing gap and make the dream of homeownership a reality for many Saint Lucians.

For the first time, the Government of Saint Lucia will commit revenue from the Citizenship by Investment Programme (CIP) to build affordable homes for our citizens.

Prime Minister Pierre made this historic announcement during his Budget Policy Address on April 23, 2024.

The decision to invest CIP revenue into housing developments for our citizens signifies the intention of the government to ensure ordinary Saint Lucians have an opportunity to become home and property owners.

Site preparation activities for the first CIP-funded housing development project hascommenced. The Prime Minister has indicated the community of Rock Hall, Castries, will be among the first locations earmarked for this transformational development.

The 2024-2025 Budget is crafted to enrich the lives of our citizens socially and economically. It includes vital housing solutions that will elevate the standard of living/quality of life for low and middle-income earners in Saint Lucia.

Under the Pierre-led Administration, the National Housing Cooperation (NHC) will undertake its first housing development project in several years.

The NHC has secured approval from the Development Control Authority (DCA) to build multi-family complexes with fifteen (15) two-bedroom apartments at Cas en Bas, Gros-Islet.

The National Insurance Property Development & Management Company (NIPRO) is currently in discussion with two (2) developers to construct 100 affordable houses in the Massacre.

Invest Saint Lucia (ISL) has commenced a Land Rationalization Project in Dennery North and Dennery South, Vieux Fort North, and Vieux Fort South. This project will transition many Saint Lucian families living on government-owned lands from squatters to homeowners. The government, through ISL, will ensure these residents get the opportunity to purchase the lands they occupy at subsidized costs.

The government is removing the financial barriers to homeownership for our hardworking public servants. The Prime Minister announced the government will utilize a new credit line facility valued at $20 million US from the EXIM Bank of the Republic of China (Taiwan). The Saint Lucia Development Bank will administer the credit facility. It offers public servants 100% residential mortgages! Furthermore, the government will assist every successful applicant with a $1000 payment towards their legal cost.

These people-first policies outlined in the Prime Minister’s 2024-2025 Budget will empower our citizens and give them more accessible opportunities to build and own property and acquire equity to stimulate wealth creation in Saint Lucia.

SOURCE: Office of the Prime Minister

 

 

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12 COMMENTS

  1. Great job Mr. Hon. Minister. I’m hoping to be part of this venture as it has been my long-time dream to owning my own house and land without having to sell my soul. Koodos to you and your ministry.

  2. Pierre remember in opposition you said don’t let projects fool us you are nothing than a liar fool the people

  3. Man you all are making Chastanet and his 37 thousand house slaves a very worried man as we are heading for elections in 26 …

  4. “Offers public servants 100% residential mortgages!”

    So only public servants pay taxes and benefit from government programmes?

  5. Pierre, Did I read this wrong. I hope you are not pissing in our eyes and call it rain. My understanding is we no longer require a a deposit to get a mortgage. In addition, the government will waive a total of $1000.00 in stamps or processing fee. With this offer, my monthly instalments will definitely increase – this means I will be paying much more on a monthly basis for the length of the mortgage. Is this any help when my monthly payments will be much more.
    A great offer would be to lessen the interest rate – make it 80% less for the public servants. With your offer there is no savings and definitely no help. As a matter of fact you have made the mortgage more expensive for them. They will ge paying more $$ for a mortgage which is $400,000.00. Please do the math. Are we that stupid to say thank to this offer – Lucian’s wake up

  6. Build housing in Castries since transportation is so expensive
    Lots of people would like to leave in town that’s where they work and their kids go to school.

  7. I like the idea keep pushing us into poverty in barracks style ventures, while others have yard space to rent. Putting us 1st under the bus and inline with the volcano is progress…jesus take these ppl brains out of their skull and replace it with mud.

  8. Seem like he has no plans of leaving or losing the elections cuz this vivid promise can take decades if what he saying is true.

  9. @Asking for a friend, I can see either you or your friend and in fact both of you don’t get it. The 100% residential mortgage does not involve a cent of taxpayers’ money. It is a loan taken by the government which will be repaid by the principal and interest paid on the mortgage by public servants. Now this is only one government programme (and the only in many many many years) that is meant for public servants, yet you complain for your friend by asking that stupid question to make a foolish point.

  10. With this open mortgage for public servants – 100% mortgage, with no due deligence mentioned, no check and balances in place, I can see Pierre and his administration creating a housing melt down for SLU. America had a bigger version of this melt down in 2008 when they made it easy for everyone to obtain a mortgage to buy a home. While the idea sounds great for everyone, we need to be careful that we do not ignore red flags and all the check and balances. With this approach, Pierre has made it easy but more expensive to get a mortgage for 25 or 30 years. We have to pay interest on 100% of the mortgage. The banks tried a similar approach with the purchase of vehicles – 0% down. In less than a year, the repossession rate was sky rocketing. No one could afford the monthly instalments plus other commitments. Lucian, watch this offer by Pierre and analyze it. Easy come – Easy go. Do not let this man piss in your eyes and call it rain. This is not a one size fit all offer.

  11. Looking for partnerships but NHC had a whole partnership with Mangal that was stopped because of ego! No, the Ministers prefers going to foreigners to exploit us.

  12. The best PM to date. Young people pay attention step into The office of Highgrade & Highgrade stop taking loans as soon as you get a little job to buy car unless you plan to do taxi work or other trivial means. The access to home ownership was not this easy coming up, there was a lot to put on the table before that was possible. If you have a piece of land and granny or daddy left you and a steady job got get the title to find out if it’s clean with no Lean. Go to the bank better yet the credit union use this as a collateral to finance the purchase of your home or small business. Use the government incentive stop believing these fools this government has not done nothing for you, the government lays the foundation for your prosperity make use of it when you get the house borrow against the equity to purchase that fancy car. House first car after.

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