THE NATIONAL HOUSING CORPORATION (NHC) is over half a billion dollars in debt, a financial burden which has slowed the construction of some houses by the state agency.
Minister of Housing and Lands Denis Kellman said the situation had crippled the corporation, which had limited access to financial resources. Compounding these issues was an unfavourable economic environment, he noted.
“Even though [the insolvency] has impacted in terms of the speed, the current projects are coming to an end.
“You do not have the bank facilities. You do not have the loan factor [nor] subsidies coming from Government but yet the projects are being completed. They might not be completed at the pace that people would expect but it is one thing to think anything from a theoretical point of view but I have to be very practical,” he said, noting that progress was attributed to more efficient management.
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