New housing starts in 2017

“The first set of PP projects expected to break in the first week in March, just after Carnival.

We have a number of other projects in the pipeline all across the country,” he disclosed.

Mitchell acknowledged that while this does not go a long way with 120,000 applicants on the Housing Development Corporation’s (HDC) waiting list, “we are exploring other avenues.” He also announced that Cabinet agreed to adjustments to the Affordable Mortgage Programme offered through the TT Mortgage Finance Company (TTMF) to increase the number of persons who can qualify to own their own homes.

Mitchell explained, “Citizens who are able to access the Government’s Affordable Mortgage Programme, those mortgages do not only towards the purchase of Government houses. It can also go towards the purchase of private sector (homes).” He said Cabinet has agreed to implement adjustments made to the programme last September as articulated by Finance Minister Colm Imbert in his 2016/2017 Budget presentation at that time.

In respect of the two percent regime, Mitchell said the maximum qualifying income for applicants has been increased from $10,000 per month to $14,000 per month.

The property value under this regime has been increased from $850,000 to $1 million.

On the five percent regime, Mitchell said the qualifying income has been increased from a lower limit of $14,001 to $30,000. Property value under the five percent regime has been increased from $1.2 million to $1.5 million. Recalling the programme started in 2006 under the then Patrick Manning administration, Mitchell said Government was expecting “a lot more citizens” to access this programme. Mitchell, who is also San Fernando East MP (formerly represented by Manning from 1976 to 2015), added. “These are benefits
which I am not sure that you can measure.” Manning died last July.