HDC to build 2,000-plus units in 2021

THE Housing Development Corporation (HDC) will aim to build more than 2,000 housing units this year through the government’s Accelerated Housing Programme.

Housing Minister Pennelope Beckles revealed this at a key distribution ceremony at Corinth Hills on Monday.

She said this goal was in addition to the ministry’s plan to complete unfinished housing projects.

She said she hopes by early 2022, the Edinburgh Towers in Chaguanas can be completed. That project began in 2006 but was stalled in 2011.

“However, in 2020, the HDC initiated a three-stage process for completing the works on the Edinburgh Towers, of which the first two stages are currently in progress and are expected to be completed by June 2021.

“Once completed, these two- to ten-storey steel-structure apartment buildings will have an expected yield of 140 apartments, as the floor plan of each tower is expected to accommodate five three-bedroom apartments and two two-bedroom apartments.”

She said specialist contractors will do the “common work sections,” and the outfitting works on the various floors will be done by contractors out of the Small and Medium Contractors Project pool.

“This is all part of a larger strategic plan to provide affordable accommodation for low- to lower-middle-income families.

“The intentional use of small and medium-sized contractors encourages competitive pricing, while maintaining structural design quality, ensuring we also have units that can be accessed by low-income families for as little as $500,000.00 with the two per cent mortgage facility available from the TTMF (TT Mortgage Finance Company Ltd).”

She said housing units will be priced under $750,000 and even as low as $346,000, “which is a far cry from what they would have sold for a few years ago.

“For the first quarter of 2021, the TTMF has recorded 152 loans at the two per cent mortgage facility arising primarily from HDC transactions, and these are valued at $153 million, and 54 loans at the five per cent facility valued at $35.3 million.”