Over the next ten years, the Government will construct 25,000 homes for applicants of the Housing Development Corporation (HDC).
Confirmation from Finance Minister Colm Imbert in the Parliament today, during the 2020/2021 Budget Statement, which is themed, “Resetting the Economy for Growth and Innovation”.
Imbert said the HDC has provided 50,000 houses for citizens, but there are still 175,000 applicants waiting on homes.
He said with its current structure and funding, the HDC only constructs 3,000 houses per year.
“We will be expanding this output through the private sector, especially through small and medium contractors. Over the next ten years we will deliver 25,000 new homes on state lands,” he said.
Imbert said these 25,000 houses will be built to accommodate citizens on different levels of socioeconomic standing.
There will be:
● 10,000 starter homes, valued at $250,000 each, with monthly payments of $925 and no down payment;
● 5,000 affordable homes at 350,000 to $500,000 with monthly payment up to $1,750 with five per cent down payment;
● 5,000 middle-income homes between $650,000 and $900,000 with a monthly payment of up to $3,100 with five percent down payment; and
● 5,000 homes for young professionals with units valued between $1 Million and $1.5 Million and monthly payment up to $5,265 and a five per cent down payment.