The dream of owning a home will shortly be realised by many civil servants on Nevis. This comes with the activation of a $10million Civil Servants Mortgage Loan Scheme which was launched on Tuesday, October 16, 2007, at the Credit Union Conference Room on Chapel Street.
The scheme which will benefit civil servants is a tri-partite agreement initiated by the St. Kitts and Nevis Social Security Board, financiers of the loan, Nevis Cooperative Credit Union (NCCU) as administrators and the Nevis Island Administration (NIA) as the guarantor. A five-member committee has been set up to oversee the loan application process.
This collaborative effort would provide low cost financing for home construction, renovations, and mortgage refinancing to both civil servants and non-established workers employed by the Nevis Island Administration.
Speaking at the launch, Minister of Housing and Lands the Hon. Robelto Hector said he was happy that the administration had been true to its promise of assisting civil servants and non-established workers to become home-owners.
“You have an opportunity before you that is historic and represents one of the crowning achievements of this administration. We wish the scheme every success and I ask you all to make full use of this opportunity,” Mr. Hector said.
He indicated that with the vision and promise of the Nevis Island Administration to assist civil servants, he immediately approached the St. Christopher and Nevis Social Security Board and sought cooperation on some investment issues which he suggested were well received by the Board, hence the approval of two loan schemes. He said the loans focused on assistance towards the affordable housing programme and the Civil Servants Mortgage Loan Agreement.
Mr. Hector took the opportunity to thank the Social Security Board (SSB) who recognised the NIA’s vision, and also expressed gratitude to the NCCU which brought the NIA’s vision to fruition as it celebrated its week of activities alongside its worldwide counterparts.
Manager of the NCCU Mr. Sydney Newton said the launch came at a time when the organisation was celebrating International Credit Union Week under the theme Credit Unions: Together We’re Better.
He thanked the SSB and the NIA for the expressed confidence in the NCCU to be its representative in the programme. On behalf of the management, board of directors, and staff of the NCCU Mr. Newton further pledged full support and said that they would deliver a standard above the expectations.
As civil servants and non-established workers in Nevis prepared to join the ranks of homeowners who have benefited from funds made available by the SSB, Director Mrs. Sephlin Lawrence highlighted SSB‚s commitment to the ideal that persons should be provided with the opportunity to own a home.
Mrs. Lawrence disclosed that as of September 30, 2007, the SSB had $101 million outstanding in mortgage loans, which meant a 12 percent of investment portfolio in housing loans. The loans she said were primarily approved for low income housing and were advanced to National Housing Corporation (NHC), Development Bank of St. Kitts and Nevis, NIA, Nevis Housing and Land Development Corporation (NHLDC) and Civil Servants in St. Kitts.
She said such a demonstration to housing commitment was extended to civil servants in Nevis with the launch of the long-awaited programme.
Mrs. Lawrence commended the NIA and particularly Hon. Robelto Hector who she said had ensured that all the conditions were met to make the day a reality. She further enlightened that the agreement was signed during a visit Nevis in July 2007 and now, the committee led by Mr. Chris Martin along with Mr. Sydney Newton had expeditiously implemented the programme.
The social security official announced that it was expected that some civil servants would receive the mobilisation cheque early, to allow them to commence construction by November 2007.
The committee members of the Nevis Civil Servants Mortgage Loan Scheme are Ms. Celesteen Brown of the Human Resource Department of the NIA, Ms. Marlene Jeffers, budget analyst in the Ministry of Finance and secretary of the committee, Mrs. Georgette Hanley of the NCCU, Mr. Vernell Powell of the SSB is the deputy chairman and Mr. Chris Martin is chairman.
