31 Powder Magazine residents get deeds from Housing Ministry, HDC

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Longstanding residents of Powder Magazine Phase 2, Cocorite, were elated to finally receive the title/sublease deeds to their homes from the Ministry of Housing and Urban Development and the Housing and Development Corporation (HDC) on Monday.

Minister of Housing Pennelope Beckles and chairman of the HDC Noel Garcia were among a few of the officials at the ceremony to distribute the titles to 11 of the 31 recipients from the area.

Beckles described the moment as a “historic occasion, almost 40 years in the making.”

She said, “This pandemic has had an effect in slowing the housing market, and it looks like it will be for some time before our economy fully recovers, but there are things we can do right now to help people become homeowners and help increase their financial security that comes with home ownership.

“Our goal, as stated in our Vision 2030 national development strategy is to ensure citizens have access to adequate and affordable housing. Further, meeting the needs of approved squatter comm will continue.

"In addition to private housing, the intention is to make home ownership easier while simultaneously addressing the critical needs of the renting population.”

She said the deeds of sublease will be valid for 199 years and they were done in spite of the constraints caused by the pandemic.

“These residents now have title documents to their respective units. They can use it to get a loan to be used as collateral…or to just enjoy the peace of mind of home ownership and have something to pass on to their children.”

She said the HDC urges residents who did not receive their deeds on Monday to follow up with the corporation to have their deeds prepared.

“It’s a simple idea and it makes great sense. It will enable them to participate more in the economy and that will benefit all, including private sector.

“Instead of being stuck in high-interest loans, many have been able to take advantage of low rates from the soon-to-be merged Home Mortgage Bank and Trinidad and Tobago Mortgage Finance (TTMF). Through TTMF, many have been able to save thousands every year.”

She said in order to make it possible for the ministry to distribute the deeds, it had to acquire the land from the Port of Spain Corporation.

“We’re looking to see where else we need to acquire land.”

She said, “Once you have a deed it opens up your world. There’s nothing better than title to land. So we’re looking to see people who should have deeds that they can have their deeds.”

Debra Billy, who said she has been in the community since its inception, said, "We have been waiting many moons for this. It feels really good. We feel like we've been heard (by the HDC and the ministry)."

Another resident, who requested anonymity, said, "It's been a long time coming, but I feel really elated."