Government to invest $112.6 Billion this year to develop new and existing housing schemes

Government to invest $112.6 Billion this year to develop new and existing housing schemes

The Ministry of Housing’s Central Housing and Planning Authority will be given $112.6 Billion this year to develop new and existing housing areas, Minister responsible for Finance, Dr. Ashni Singh has announced.

During his National Budget presentation on Friday, Dr. Singh said already some 85 new and existing housing areas have been developed as the Government pushes ahead with its housing programme.

He said in the past four years, the Government has distributed 40,000 house lots and more than 2,000 houses have been constructed. Many of the housing areas are still to be fully developed.

But according to the Finance Minister, some $78.5 Billion was expended last year to improve infrastructure and ensure persons access to their house lots.

“Mr. Speaker, these and other initiatives will help to bring home ownership within the reach of every single Guyanese family,” Dr. Singh said.

He said the $112.6 Billion allocation to the sector will build on the progress already made in the sector.

It was also noted that homeowners are being supported with an increase in the mortgage ceiling at the commercial banks.

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