An increase in mortgage payments is looming for over 300 homeowners who purchased a house under the National Housing and Urban Renewal Company.
That’s according to this week’s post-Cabinet notes.
While no exact date has been determined for the implementation of the hike, the executive arm of government says it’s a necessary step to compensate for the increased cost of building materials.
The communique from the government’s chief of staff explains that the contracts were negotiated at a fixed lower cost and resulted in the homeowners paying a subsidized rate since 2019.
The decision to increase the cost was made when the managers from the housing company met with the Cabinet during the Wednesday, March 8, meeting.
Opposition Leader Jamale Pringle, while responding to the 2023 Budget in the House of Representatives on Thursday (March 9), lamented that since the establishment of the National Housing and Urban Renewal Company, no audited financial report has been laid before Parliament and many are left to wonder about the operations of the company which is funded by tax dollars.