THE Housing Development Corporation (HDC) recently entered a public-private partnership (PPP) to provide housing for families on its database.
Formally launched on July 5, the PPP with Mootilal Ramhit and Sons Contracting Ltd will provide 201 two- and three-bedroom single-family, townhouse and duplex units in Chin Chin, Cunupia. The first PPP housing model is currently being implemented by NH International at Mahogany Court, Mt Hope.
The Cunupia PPP, Bamboo Creek Villas, is a gated development which the HDC said “is expected to cater to the individual needs and desires of families who require modern amenities to suit their specific lifestyles. As a modern community, there will also be dedicated spaces for commercial/community use, green spaces and open areas for recreation and relaxation.”
The PPP model for the housing sector was conceived and introduced by the current administration in 2016 in an effort to harness available financial resources from the private sector, their expertise and in some cases, their land.
“Bamboo Creek Villas is considered a PPP project in its truest form,” the HDC said, “as the developer...is using its own financial resources, technical expertise, designs and land. The HDC has therefore agreed to provide a ready, eager and willing clientele from its public housing database who can easily afford to service a mortgage for this property.”
The HDC said this approach will not only reduce the number of applicants on its database but allow it to continue providing quality, affordable housing units for those who need state assistance.
HDC managing director Brent Lyons emphasised the benefits of PPPs to the housing sector, including the HDC’s recently launched Housing Construction Incentive Programme (HCIP).
Lyons said these incentive programmes are considered “win-win-win” situations for all involved because the HDC is able to provide homes for low- and middle-income earners, the investor/contractor is able to receive financial incentives to complete construction while still making a profit, and the economy will be stimulated and employment opportunities provided for those in housing and related sectors.