Affordable housing for low income earners
July 1, 2017 2:49 am
More affordable options is now available for first time home buyers.
The Reserve Bank of Fiji in conjunction with the government has increased funding for affordable housing from twenty-five million to sixty million dollars.
The announcement was made by Minister for Economy, Aiyaz Sayed-Khaiyum on Thursday.
“The funds will be available at one percent to banks which could then make financing available at a maximum of five percent for households with income of less than fifty thousand dollars a year.”
Sayed-Khaiyum says the government is also working with the Fiji National Provident Fund and the private sector to construct affordable residential housings.
“In the first of this partnerships, the government funded Matavolivoli Development in Votualevu Nadi will be given to FNPF to construct a mixed income multi-unit housing development. Once completed the development will offer different price points – so on one floor you can have units at affordable pricing, midrise pricing and other units offered at top rates.”
Those who will purchase starter apartments through approved home developers can also qualify for the $10, 000 grant under the first home buyer program.
The government will soon call for Expressions of Interest from the private sector to develop models for public rental housing.
The Minister says other work to develop squatter settlements and regularize squatters on state and i-Taukei land will continue. RP FBC News.