President Bharrat Jagdeo yesterday said that his administration will soon make $2 billion available to assist “vulnerable groups” to acquire loans to build homes.
He also announced the lifting of the ceiling of non-taxable housing loans from $3 million to $8 million to satisfy the great demand of persons who are attempting to have their own homes.
Speaking at a press conference at the Office of the President, the President said his administration would set aside some $2 billion to assist vulnerable groups such as the aged, single parents “and other groups who find it very hard to get loans from the banking sector because of their particular vulnerability and not satisfying the requirements of the banks.”
In addition, he said that for some time his administration has been focused on housing and it is expected that $6 billion would be spent in the next few years on infrastructure to develop some 20,000 house lots so that the demand for housing would be substantially reduced.
The President said yesterday he met members of the Bankers Association during which the provision of affordable housing loans to persons was discussed.
“We have a huge demand for housing financing because everyone wants to build and therefore New Building Society which has almost reached its limit and has played a very critical role in mortgage financing for many years cannot continue to serve the great demand out there,” the President said.
Jagdeo said government had extended the loan ceiling of $3 million that existed at NBS to other banks so that once these loans were granted in the housing sector they would not be taxable. As such they were able to lower the interest rate offered to borrowers. He said the ceiling has been raised to $8 million and it is hoped that the commercial banks would be aggressive in getting persons to borrow so that many more persons can own their own homes.
He said the bankers expressed great appreciation for this move and have indicated that it is something they could work with.
He hopes that this would see the commercial banks offering loans with the same interest or close to that offered by NBS.
It is all about the timing, folks; all about the timing! The amount of money government got from VAT in 2008, it could have done this since earlier this year, but it waited until NOW…a time of scandal and image crisis…a few months away from election. The gimmick and games continue!
Very nice. Anything done by any government to assist Guyanese must be applauded.
Vulnerable groups, ie. poor/unemployed/broke/OAP/single parents- how are these vulnerable groups going to repay these bank loans? Where is this money going to magically come from? – out the sky?
Copenhagen is of,- the LCDS money is on hold from the international communities, “is that the silver bullet the president had for solving Guyana problems”?..
Give it a rest MR President- you are out of ideas, promising people loans is not good enough – those loans have to be repaid,- bailiffs are quick to reposes in Guyana without going through the right procedures. There is no protection for borrowers.
smarterthanuthink …this one flew over yuh head!
This is just a ruse to deflect from the horrendous events in the forces.
Just a ruse .
To give the Presee credit, the release was a coincidental timing !
Folks, big mental strain eraly this morning on wha no hopers gon write: Hear the thoughts; “Me is gon write the President now trying to say he helping poor people in response to the boy burns…nawh..this is another diversion. Yes, THAT’s IT ! ANOTHER DIVERSION ! Hmmmmm..No we is say that yseterday… Me is got it ! If things go wrong, Jagdeo gon accuse the bankers and the Ministry of Housing and he corruptive government get off scot free ! Oh dear God, wait til Reddy read wha me is gon write today ! Let he squirm !!!! Me is so ha….”
(In quotes from the no hoper, get it folks ? Hehehehehe…)
Faria where have you been? Were you just waiting for Jagdeo to speak on the torture before resurfacing?
Let the campainging begin. Let’s see who gets the freaking loans Reddy.
This doesn’t suddenly exempt him from his responsibility to condemn the police torturing of the young boy. Certainly he can walk and chew gum at the same time. The arrogance you people display are beyond sickening.
The PPP has a penchant for not keeping promises and this is an obvious attempt to dissuade any descent over the TORTURE scandal.
Will these loans be available to residents in Georgetown, Buxton and Agricola ?
Of course not…do the math…
You know the answer to that question . Do you think the Banks care that it’s Taxpayers money ? I can see them calling family, friends, and them supporters.
Two words to describe the loan.
ELECTION GIMMICK.
Your second paragraph should include Linden.
Ahhh…. yes, another sweetner to the poor and huddled masses…to distract from the TORTURE of the teen! Bravo PPP…
Wow…talk about double standard…do you guys want to see Guyana develop or not? Then again…some do not like to see progress, even for their own brothers and sisters. It’s heart-breaking that this govt is out-shining the previous one. Nice try…but come again, dudes.
Dude,, you should have figured this a long time, these burnhamites does not want anyone else to run Guyana…
some ppl would impede on any little progress for political gains.
2011 would speak loud and clear.
i am wonderingggggggggggg !
Build housing schemes is what the govt should do with that money, and let the vulnerable groups get first priority.
Lease these vulnerable groups the houses at affordable rates, let them pay back the govt instead the banks.
The govt should borrow the money from the banks, and dont put poor people/vulnerable in dept, the president should go now, dont wait till 2011.
o Agreed.
Good that the government is thinking of this, it’s overdue.
If they are in the vulnerable category, it’s too risky for them manage all the processes involved in getting loan, building house, maintaining house etc. Let them focus on their issues and the government provide short to medium term housing solution for them. They can be easily exploited in the process and the debt is still theirs.
The state should take some responsibility for Social Housing/Affordable Housing for these groups. Build it and sell it, or rent it. Also, the figures have proven that multi unit facilities (apartment buildings) are more affordable and efficient to manage as an asset in the long term.
Let’s hope something comes of this and it not just the good words that start this thinking process.
Smart ! That is the ideal way to assist the poor and downtrodden. Good ! But the gov’t would not take on such a venture because the loans are really not intended for the poor and downtrodden.
Another example of the PPP government’s determination to help the working poor and other low-income persons who need their own homes in Guyana. Those who harp and carp ritually about a “failed state” or an “elected dictatorship” should pause and ponder. In 17 years the PPP government has provided more house lots and soft loans than the PNC did during its 28-year rule. If a “failed state” could do that, let’s have more failed states in the world. The failed states in Africa must be angry with Guyana for setting a “bad” example.
I congratulate the government on this long overdue action. I hope the selection for loans are not partisan Are there failed states in other parts of the world? Is Afghanistan a failed state?
Yasuman71 could you tell me where is the president getting this $2B from? Will the hard pressed taxpaying POOR of Guyana have to bear the burden of this lame attemp at looking good for the people?
Research the defination of a failed state…before you defend the actions of the PPP..
USA President did the same crap and look what happen , record profit.The Gov should help the people directly, beard man did you and Jagdeo attend the same University.YOU FELLAS TOOK A VERY GOOD IDEA AND MISS IT UP.Is like the PPP Gov can’t do nothing right.You know how many PPP supporters got houses during them 28yrs.How many PNC people you think is going to get lil help from them banks. Is Tax payers money you know.
yasuman take a look at cummins’ comment to see what your visionless government should do
Yasu we must call you up on this one. You have lost all credibility, for you owe the bloggers and the readers here an apology.
Remember your before bed sleeping comment, wondering about Hoyte police force and reformations.
When the perps names, length of service and history were eventually brought to light, we all saw it had nothing to do with your day dreaming.
After that you remained silent, as though nothing happen.
You need to say sorry for your comments, after all if it was others they would have done the decent thing.
Failure to do so, everyone can see why Guyana the way it is,
a shameful lot. We are not expecting you to say it, your pride is beyond that.
But it should teach you in future not to make baseless statements. It is like saying some mastermind is in the US, without proper grounds.
Pilot,,,During the 28 years of destruction a particular Group or what you may call PPP supporters made much of the little opportunities that was available because of their progressive ways of life while the other group or what you may call PNC suppoters sit back and waited for Government hand outs, the Kabaka had nothing to offer them and that is the trend they have on to this day,,,sit back and wait on handouts…Shame on them…
well said sir, I am age 30 and currently constructing my own home ig Guyana, thanks to a government house lot.
yasuman71 i think you can do better than that or am i wrong. Burnham never gave house lots my friend. people can’t live on house lots unless they intend to build the mudd huts cheddi jagan was talking about. burnham built house and schemes and initially rented some cheaply to recoup then sold them off to the occupants. the last part about failed stated makes no sense. you can try a different tact next time.recommendation: read “how europe underdevelop africa” and gain some knowledge. jagdeo and his gang have ubderdeveloped guyana by giving themselves prime house lots in ogle below market rates. how about that ?
soldier, the 28 years of destruction you talk about, only exists in your mind. pnc did not built the bank of guyana, the pegasus hotel the west coast highway system, the corectyne highway which by the way the pee pee pee wanted to destroy because they did not want their supporters to pay toll(talking about hand outs), the canji bridge, the demerara harbor bridge, the guyana airway, the telephone company, moderniztion of the power plant, the international airport ( which the pee pee pee tried to better and the effort was riddled with fraud and the building leaked, contractor absconded to canada then returned and got more work), soesdyke linden highway. do you want me to say more ? today there is no national airline thanks to jagdeo and his gang and what is left of what the pnc built is wanting for maintenance. i get it your type way of living is kind of primitive so anybody that does not confirmm to that way is waiting for handouts. one things to note the pee pee pee has more beggers than the pnc. pnc folks have not been schooled to beg for their sustanance. do your research before you start mouthing off.
I have always seen something wrong with the government’s housing policy. This announcement has not changed my mind but reinforced my beliefs. The current housing policy perpetuates poverty even if it only gives an individual a sense of owning a shack. I have repeatedly argued that the housing policy should be geared towards building housing developments/housing schemes which are properly laid out and with good infrastructure and sell these houses to the most vulnerable and those who can afford it. These schemes can be built to cater for different income levels and around the country.
The upside of this is that it starts the process of bringing generations out of poverty. If the PPP can learn anything from Burnham they should look to South Ruimveldt and maybe Republic Park and let those be a lesson of how building organized communities can transform a society.
Frankly, I think this is a wasted effort
absolutely cummins, some get the loans and its not enough to finish building, so there is many unfinished houses lying around incomplete in and around Guyana.
This is to deflect from the matter of TORTURE of this little boy …see people are more interested in house lots thst TORTURE ….plesae Jago do Guyana a favour and go.
What the president is proposing is a subprime mortgage market, the vulnerable groups are the ones than cannot afford a conventional loan and therefore do not qualify for a loan period. It failed in the USA and many other parts of the world.
The government in partnership with their architects have got to design and develop green communities where the community and the houses can feed its residents, where the house and its surrounding become a living machine and not a debt liability.
This is not difficult to do. With Sketchup they can build whole virtual communities in 3D, upload it to Google earth where on line visitors can take a virtual tour of the community and walk right into the houses and back out. They can work out all of the kinks before building. For instance they can plant virtual trees and Sketchup will show how the shadow of the trees will affect sunlight on the house and yard, during any time of the day.
These guys continue in their same old fashioned way of creating urban cesspools of human collective decay, when this does not have to be, if they only apply a little bit of innovation.
Joe.
Another band of wool being placed over the eyes of the people,to shift their sights away from the corrupt and criminal behavior spawned by this incompetent administration.