The Unassuming Economist

The IMF latest report on St. Kitts and Nevis points out that: “The government, through the National Housing Corporation (NHC), is devoting significant resources to foster home ownership through several programs, although not particularly targeting lowest income households. One program provides grants up to $10,000 to make critical repairs and basic improvements to homes (by 2016, assistance was granted to 150 households). And under the Habitat Independence 30 Programme, by 2016 the NHC sourced EC$15 million to facilitate the completion of 115 homes. By 2016, the NHC and the National Bank assisted 43 individuals to construct homes on their lots. The NHC has also introduced a mortgage payment assistance system (named ‘Pay As You Earn’), which progressively sets interest rates on mortgages according to income levels of the applicant. This system was created to address the high incidence of NPLs listed with the NHC. The government is now introducing another housing scheme, “Unity Housing Solutions,” which will provide housing for more than 300 families. “