Wednesday, April 17, 2024

Divestment ‘hurting NHC income’


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Divestment of units in Government’s housing estates has resulted in depletion of the stock and reduction in income for the National Housing Corporation.

The assertion was made Tuesday by Minister in the Ministry of Housing Charles Griffith when he pointed out in the House of Assembly that the significant drop in rental income through the sale of units to tenants, had hampered the corporation’s ability to adequately address the myriad problems housing estates are experiencing.

Griffith said the NHC was managing 4 310 units in 2009, but divestment had driven that figure down to 1 208 units in December of 2018, resulting in the loss of $4 million in revenue from rents.

“With the madness that is attached to the divestment programme, the implication is that you are taking in $4.2 million less to maintain all of the units across the housing estates,” Griffith explained.

He highlighted challenges facing the “cash- strapped” NHC, while leading off debate on a resolution for the vesting of nine acres of land at Colleton, St Lucy in the National Housing Corporation for housing development.

Seventy-nine houses are planned for the northern-most parish, in what Griffith suggested could be a public/private sector venture. (GC)


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