New housing company formed

In a statement yesterday, the TTHDC said the company has been formed in keeping with Act 24 of 2005 and replaces the National Housing Authority (NHA) as the entity to "provide affordable shelter for low and middle income persons as well as put into practice the broad policy of the Government in relation to housing."

Since returning to office in 2001, the PNM has stated its intention to build 100,000 houses over the next decade to address the nation’s housing problems. Housing Minister Dr Keith Rowley has said Government plans to build 8,000 new houses in fiscal 2006.

The TTHDC will be managed by a board of directors appointed by the President and the board will then appoint a managing director "who will be approved by the Minister of Housing." Sources suggested that either current NHA chairman Andre Monteil or CEO Noel Garcia could be in line for that post.

All assets, liabilities, rights and obligations of the NHA will be transferred to the TTHDC. All accounts of the TTHDC and its subsidiaries will be audited annually by the Auditor General to ensure accountability.

Act 24 of 2005 provides for the establishment of a Housing Development Fund, comprised of appropriations from the Consolidated Fund and will be applied by the TTHDC to further its objectives. The Act also provides for staff transfers from the NHA as well as voluntary retirement of existing staff.

Garcia previously said at least half of the NHA’s staff will be absorbed into the TTHDC while the remainder will be given the option of either accepting VSEP or returning to the Public Service.