President, His Excellency Dr. Irfaan Ali has announced, that some 600 persons who have received lands from the Ministry in Lethem, Reg. 9 will be given $1 M, each to commence construction of their home.
The President was at the time addressing a large gathering at the Tabatinga Sports Ground in Lethem, Region Nine.
This new measure he said is geared at making homeownership easier for hinterland residents.
Also, the Ministry will be partnering with the New Building Society and the Guyana Bank for Trade and Industry as they will be offering loans to the tune of $2 M, at a rate of 3.5 % to persons interested in the initiative.
According to President Ali, the total cost for the home based on consultations is $3 M. This model of low-income home is common in villages in Region 9.
The monthly repayment for the loan is approximately GYD 14,000 per month.
The President added that residents in the region will also benefit from the Cement and steel initiative which was announced earlier this month for coastland residents.
Registration has commenced immediately, as staff of the regional housing office is at the venue.
The President is currently leading a three-day outreach to Lethem, and Deep South Rupununi.
He is joined by Ministers, Susan Rodrigues, Nigel Dharamlall, and Pauline Sukhai. Several Permanent Secretaries including Mr. Andre Ally, Ryan Toolsiram, and other technical officers from key government agencies are also in the region.
600 Low Income Region 9 families to receive $1M for their Home Construction
