The National Housing Corporation (NHC) will no longer be undertaking mass construction housing projects once it is restructured.
Housing Minister Dwight Sutherland gave a synopsis of the proposed direction after consultation with the trade unions, during a service at St. Luke’s Anglican Church this morning, to kick-start the NHC’s 50th-anniversary celebrations.
Mr Sutherland says when the government assumed office in 2018, the corporation had an accumulated debt of nearly 200 million dollars, most of which was cleared under the BERT programme.
He notes the domestic and global financial environment has changed so drastically that most state-owned enterprises have been forced to restructure, and the NHC has fallen into this category.
Mr Sutherland says the restructured Corporation’s focus will more be on rebuilding its rental stock, engaging in joint venture projects with developers who have financing, installing infrastructure, and constructing houses for low and middle-income Barbadians.
It will also oversee the 20-year transfer of titles to thousands of qualifying tenants.
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