Housing Authority posts $692.3M for 2010

On the back of income from government projects, the Central Housing and Planning Authority (CH&PA) earned a surplus of $692.3M last year, a significant increase from the $226.2M recorded the previous year.

According to the CH&PA’s audited financial statements, which were tabled on Thursday in the National Assembly, total income for the year was $1,940,669,776 while its total expenditure was $692,300,485.The total income from Sale of Land last year was $889,230,767 compared to $734,635,865 in 2009.  The CH&PA saw the biggest income gain in the form of the $705M from Government of Guyana projects, up from the $166,422,000 earned the previous year under this category. The highest expenditure by the CH&PA during last year was $680M on Government of Guyana Housing Projects.

Meanwhile, the CH&PA’s asset base grew significantly last year, moving from $9.4B in 2009 to $16.6B last year.  The substantial increase in assets, according to the report, is due to $6B categorized as “Land for Development” and $4.7 B in “Land Development Projects.”  Capital Funded Projects were pegged at $3.6B for 2010, down from the $7.6B value the previous year.
When presenting the 2011 Budget, Finance Minister Dr Ashni Singh said that over $9.6 billion had been spent in the housing sector during last year. Singh also announced that during 2011, $3.6 billion would be allocated this year to the housing sector to facilitate the development of housing schemes, which is expected to result in the allocation of 7,500 house lots and the processing and distribution of 4,000 land titles.

“The One Stop Shop Outreach initiative will be expanded to include Region 7 and aims at making the allocation process more efficient. Of the total allocation to the housing sector, $700 million will be spent on improving the road network and water distribution systems in areas such as Plantation Zeelugt, Leonora, Mahdia and Providence to Eccles which will benefit approximately 1,500,” Singh said.

Singh also announced then that  under the Second Low Income Settlement Programme, 148 core houses are  expected to be completed, 98 in the coastal regions and 50 under the Hinterland Housing Pilot Programme. In addition to this, Singh announced plans to develop 7,446 new house lots in areas such as 5 Miles Bartica, Amelia’s Ward, and Belle West for 2011. Singh also spoke about reconstructing and upgrading existing roads in established housing schemes under the Community Roads Improvement Project. “In addition, $100 million is allocated to see the commencement of a US$10 million East Bank Demerara Housing Development Project which aims at constructing main access roads to new housing sites benefiting over 3,000 residents,” Singh said.

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