The Government will begin the construction of 2,500 homes in this calendar year, Housing Minister Randall Mitchell said yesterday.
The minister also announced changes to the income qualifications and other criteria for the Government's mortgage financing programme aimed at allowing “thousands more” T&T citizens to access affordable housing.
Speaking at the post-Cabinet news conference at the Diplomatic Centre, St Ann's, Mitchell said the qualifying income for a two-per cent-interest loan from Trinidad and Tobago Mortgage Finance (TTMF) has been adjusted from $10,000 to $14,000 monthly. He said the property value for this loan has also been increased from $850,000 to $1.2 million.
He said in respect of the financing for a loan at the rate of five per cent, the lower limit of the qualifying income has been increased from $10,001 to $14,001 monthly, up to a maximum of $30,000 a month. The upper limit of the property values (to qualify for this benefit) has been increased from $1.2 million to $1.5 million.