St Kitts and Nevis: The Government of St Kitts and Nevis and NHC have signed a contract with a Trinidad Developer, East Coast Housing Development, to finance and deliver 2,400 affordable modern smart homes in 4 years in increments of 600 homes per year. The announcement has been made by PM Dr Terrance Drew.
Prime Minister Dr Terrance Drew also shared an update on the Housing Revolution of St Kitts and Nevis. He said, “Your Government is moving forward with providing quality, affordable homes. At The Roundtable held on Thursday 11th May, a journalist asked about the smart homes we will be building for you, citizens of St Kitts and Nevis and I shared with him our vision.”
600 smart homes will be built per year:
– 1-bedroom smart home (450 sq ft)
– 2-bedroom smart home (862 sq ft)
– 3-bedroom smart home (1,200 sq ft)
Smart homes will be semi-furnished and will include a full-size energy-efficient refrigerator, a four-burner gas stove, and a solar water heater, at no additional cost.
The Government of St Kitts and Nevis, being a passive facilitator of the Development, does not intend to make any monetary contribution into the construction of the homes. The Developer will be investing approximately Six Hundred Million Eastern Caribbean Dollars ($600,000,000.00) sourced from a financial institution in Trinidad to fund the home construction.
A new construction technique using reinforced concrete forms will be taught to the local contractors, who will then have full authority over the construction – Local contractors, civil engineers, electricians, plumbers, carpenters, surveyors, draftspersons, and other locally skilled workers will form 99% of the workforce for the Development. NHC’s role in this activity is to communicate with potential homeowners and to supervise the construction process, ensuring that local contractors and tradesmen are fully engaged.
The homes will be sold to citizens and residents who are desirous of owning their home – Theywill be built either on land already owned by the successful applicants or on state owned land to be sold with the homes to qualified persons.
NHC took this stance to make the houses more affordable – NHC wants most of our citizens, if not all, to own their home at an affordable cost. Hence, constructing these modern smart homes will be a more viable option, especially at this time where inflation is a global crisis.
2400 homes spread across our financial institutions in St Kitts will increase their mortgage loan portfolio profitability. – Financial institutions will provide low interest mortgage loans, and in some cases 100% financing, to interested homeowners who are qualified. Persons with existing loans may quality for consolidation to make their total expenses more manageable.
Interested persons can apply through an online process, which will be launched by the NHC in upcoming days – The Online process will allow you to sign up, select your desired financial institution, submit your application and receive a confirmation receipt via email and subsequently an interview with your requested financial institution. Persons who are not tech savvy or do not have access to a technological device can go to the Corporation for assistance. One of the Clerks will be available to assist you with the online application.
The Government and NHC are exploring other home solutions for persons, whose finances or age, do not allow them to qualify for a mortgage. These will be announced shortly. This consumer/bank driven model for housing is just one of our housing solutions and will stimulate all sectors of the economy, creating jobs and increased spending in these post-pandemic high inflation economically challenging times.