The Government of Saint Lucia has taken another major step toward making homeownership more affordable and accessible with the signing of a EC$54 million Housing and Infrastructure Development Facility involving the Export-Import Bank of the Republic of China (Taiwan) and the Saint Lucia Development Bank (SLDB).

The facility represents another component of the Government’s wider strategy to address the barriers that have historically prevented many working Saint Lucians from owning homes.

Financing will be channelled through the SLDB to expand opportunities for low- and middle-income Saint Lucians to build or improve their homes, while also supporting critical housing infrastructure.

The facility complements several interventions already being implemented by the Government to reduce the cost of becoming a homeowner.

These include 100 per cent mortgage financing for eligible public servants through an existing NIC-guaranteed SLDB facility, EC$1,000 towards legal costs for successful applicants, stamp duty relief on qualifying residential mortgages and the removal of VAT on selected building materials.

Government is simultaneously increasing housing supply and access to residential land through developments and programmes including Rock Hall, Talvern and other affordable housing initiatives.

The approach recognises that solving Saint Lucia’s housing challenge requires more than constructing houses. It requires access to financing, serviced land, affordable construction, appropriate infrastructure and policies that reduce the financial burden on prospective homeowners.

The new EC$54 million facility will also support climate resilient infrastructure, including drainage improvements, water-storage solutions and solar photovoltaic systems.

Through targeted financing, fiscal relief, new developments and strategic partnerships, the Government continues to pursue its objective of giving more Saint Lucians the opportunity to own property and create greater security for their families.

Source: https://www.facebook.com/photo?fbid=1476821991139969&set=a.248714687284045