Basseterre, St. Kitts, January 21, 2020 (SKNIS): The investment by the St. Christopher and Nevis Social Security Board into the Unity Housing Solutions Programme continues to pay off.
Over the years, the Board has been a key investor in housing programmes as part of its strategy to diversify the portfolio and grow the Social Security Fund. The most recent investment came in February 2017 when the Board entered into a loan agreement with the National Housing Corporation (NHC) to supply funding of $50 million to support the Federal Government’s programme to provide affordable houses to qualifying recipients. The negotiated terms called for the loan to be repaid over 25 years at an interest rate of three (3) percent per annum.
During a ceremony last Friday (January 17, 2020), to disburse 19 homes in five villages, namely Phillips’ Village, Christ Church, Belle Vue, Lodge, and Tabernacle, Chairman of the Board of Directors for the National Housing Corporation (NHC), Valentine Lindsay, noted that the Social Security Board has been a key contributor to housing development in St. Kitts and Nevis.
“The Social Security Board over the years has been assisting the National Housing Corporation in building homes and creating communities where families can grow and flourish. For this we are grateful,” Mr. Lindsay stated. “To date, we are indebted to the Social Security Board of a sum of over $100 million with monthly payments of over $260,000. I must say, however, that as … the Chairman of the National Housing Corporation, we have never missed a payment.”
Chairman Lindsay said that the excellent record of payment to the Social Security Board was due in large part to the commitment of homeowners to pay their mortgage in full and on time.
He addressed the families about to take possession of their homes and expressed, “I, therefore, implore you, honour your monthly obligation so that the smiles on your face today can be transferred to other deserving citizens later.”
Meanwhile, the Social Security Board will continue to seek new investments to diversify its portfolio. The Report of the 12th Actuarial Review of the St. Christopher and Nevis Social Security Fund as of December 31, 2017, notes that the Fund is currently “in a strong financial position.”