NHC-National Housing Corporation
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House Price($) :
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Activities for Financial Year 2008-2009 | Projections for 2009-2010

Rents
During the financial year 2008 - 2009 the Corporation received 619 applications for rental units, but was only able to accommodate 33 families. There were also 218 applications for rental lots of which only thirty (27) applicants were accommodated. It is noticeable that within the last year the applications for houses and lots have increased but families actually accommodated decreased. This brings into sharp focus the serious need to construct additional rental units. In this regard the Corporation has identified several sites for the construction of rental units and of these, has commenced construction at the Country Park Towers (56 units). The other sites are Haggatt Hall (24 units), Stuarts Lodge (22 units), Sayes Court (3 units), Eckstein Village (84 units) and Fordes Rd, Clapham (20 units), It is expected that the units at Sayes Court will commence during this financial year.

Sales of Terrace Units
During the period April 08 January 09, Thirty four (34) deposits were received. It is anticipated that approximately 70 units will be conveyed during the period 2009 - 2010 with projected revenue of some $ 2.2M.

Free Transfer of Units
Under this programme, tenants who occupied the units for twenty (20) years or more as at January 16th, 2008 will qualify for the free transfer of their units. It is anticipated that 1986 tenants / beneficiaries will qualify and this is expected to result in loss of rental revenue of approximately $4M. per annum. To date approximately 50% of the units have been surveyed and an additional 20% is in progress.

The Corporation has conveyed 20 units at Bonnetts and 2 units at Lammings. Under this programme 2011 tenants qualified for ownership of their units, and to date 1697 have signed the agreement and are no longer required to pay rent.

Joint Venture
From the inception of the programme 223 houses have been constructed and 298 lots were conveyed. At present construction of houses is in progress at Coverley, Christ Church, and Bulkeley Meadows, St. George. It is anticipated that during this financial year construction of the houses at Hoytes Village and Grazettes will be completed.

It is projected that in 2009 - 2010 approximately one hundred and seven (107) houses will be constructed and one hundred and sixty-five (165) lots will be conveyed.

Primary Homes
This programme has now been suspended and replaced with the H.E.L.P (Housing Every Last Person). Under this programme one hundred and twenty six (126) houses were completed.

H.E.L.P (Housing Every Last Person)
This programme has been initiated by the new Government where emphasis has been placed on further assistance to low income earners through the provision of a greater number of housing solutions to meet the ever-increasing demand. To date 2154 applications have been received from new applicants. It is expected that this intervention will eventually make housing more affordable for this sector. Under this programme 186 houses started, with 60 being completed.
The H.E.L.P programme seeks to satisfy the demand of Barbadians earning less than $4,116.00 monthly (Z12) by providing affordable houses.

Objectives:

The aim of the programme is to:

(1) provide affordable homes at prices ranging from $100,000.00 to $175,000.00 for a completed house.

(2) sell land separately at prices ranging from $17,500.00 to $35,000.00

The Corporation is on target to complete one hundred and thirty three houses in this current financial year and is projecting that five hundred and sixty-nine (569) housing solutions will be delivered during the following financial year.

Sites and Services
For the period April 2008 to January 2009, one hundred and thirty six (136) lots were conveyed. To date approval has been received from the Chief Town Planner for all the lots under the 500 lots programme. It is anticipated that surveying work will commence in the 1st quarter of the next financial year. The Corporation has also identified an additional 392 lots for sale, comprising 187 middle income lots and 205 low income lots.

Private Tenantries
The Corporation will continue to assist with the transfer of title to tenants under this programme. The work load is dependant upon the referrals from the Ministry of Housing and Lands.

Plantation Tenantries
The Corporation will continue to work on approximately 500 lots to be conveyed spanning 89 tenantries. The challenges here are great as the Attorneys-at-Law for the plantations do not act with any urgency given the comparative paucity of remuneration for the work involved.

Old Estates (Rental Lots)
The Corporation will continue to sell lots in the old estates at $2.50 per sq ft to its tenants. During the period the Corporation has collected $117,500.00 and this is largely due to our new marketing strategies. At this time there are approx two thousand (2000) lots remaining for sale in seventy-six (76) developments. To date approx. 800 lots have been conveyed.

Loans
During the period April 2008 to January 2009, one hundred and thirteen (113) loans were approved totalling $5.8M. To date $ 4.4M has been disbursed. It is projected that four hundred (400) loans will be approved totalling $20M in the period 2009 - 2010.

Other Capital Projects
The Corporation continues to carry out developments on behalf of other Government Agencies. During the financial year, the Corporation constructed some 51 units at Barbarees Hill Phase 2, St. Michael. In addition two (2) additional units will be constructed under this programme. This programme is governed by requests from the Government.