CHARLESTOWN, Nevis –- A housing development programme to benefit returning graduates who are contributing to the development of Nevis, has been announced by Deputy Premier of Nevis and Minister of Lands and Housing, Hon Alexis Jeffers. The program is sponsored by the Nevis Island Administration (NIA), through the Nevis Housing and Land Development Corporation (NHLDC).
On Jan. 29, during a tour of a plot of land at Lower Spring Hill, referred to as University Heights, which is earmarked for the development, Jeffers explained that preparatory work has already begun ahead of the project’s commencement slated in the first quarter of 2019.
“We have done some infrastructural work cutting the roads and the subdivision has been done,” explained Jeffers. “We are now waiting on Nevis Electricity Company Ltd. (NEVLEC) to install electricity and for the Nevis Water Department to lay water pipe in this area.
“We are hoping or anticipating that we will have our ground-breaking ceremony during the next month and hope to begin construction during the latter part of this first quarter,” said Jeffers.
Jeffers, who is also Chairman of the NHLDC Board of Directors, said people have already shown interest and the corporation has received at least six applications for 15 lots that will be available under the programme.
Jeffers outlined the prerequisite criteria for applicants who have returned within the last five years.
“First, applicants must be a citizen of the Federation of St. Kitts and Nevis,” said Jeffers. Second, you must be a first-time homeowner. The finances required depend on how an applicant financially qualifies. We will have four designs available to the prospective applicants. Two designs will range between EC $300,000 and $325,000 and two other designs will range from EC $325,000 to $350,000.
“The land is subdivided into 8,000 square foot lots. They will go for just $1, that’s a concessional price $1 per square foot. If an applicant wanted to purchase just the land without a house, that would not be available.”
Jeffers added the down payment depends on the preferred house design. Reasonable monthly payments are planned.
“If you select a design that ranges between EC $300,000 and $325,000, the down payment will be $12,000,” explained Jeffers. “For a design that costs $325,000 to $350,000 the down payment would be $15,000.
“The interest rate on this 25-year mortgage is 5 percent. The monthly payment would be $1,500 to $1,800, so we believe that is manageable.”
Jeffers urged graduates who are interested and qualify for the programme to visit the NHLDC office to fill out an application form to begin the process that could lead them to home ownership.