Chairman of the Government Housing Loans Board, Felix Thomas has announced that public officers on the island will be given assistance to renovate and complete their homes before the upcoming hurricane season.
“We realize that there are some public officers who have their homes in a certain condition, but because of their financial commitment they are unable to do a lot of the finishing work,” Thomas said on state-owned DBS Radio. “In light of the pending hurricane season, we realize that we cannot leave a house with an unfinished roof…,”
He said some of those that they have spoken to say they are constrained by commitments to other financial institutions.
Thomas also mentioned a Stay Loan Approach which he says has been developed.
“What we have done is to develop what we call the Stay Loan Approach. It’s almost like a freeze; give them new money, give them a new loan that they would not have to pay anything on that loan,” he explained. “That loan will just stay freeze or frozen for the period of time.”
Thomas explained that when these public officers have honoured their other financial commitments, within a reasonable time, “we will look at it and ensure that we work it out properly, and we have done this in the past.”
He said those clients will not be denied additional funds just because they are unable to afford it at the time the work needs to be done.
“We will give them those additional funds; freeze the payment on it and ensure that the work is done, the quality of the house, the safety of their house, the value of their house is improved,” Thomas stated.