News
TCI Mortgage Corporation established as Community Projects put on the back burner
Deandrea Hamilton
Editor
#TurksandCaicos, March 26, 2024 – The Turks and Caicos now has a Mortgage Corporation Fund, established through an act of parliament on Monday March 25 to the tune of $7 million dollars and aimed at promoting and encouraging more home ownership in the Turks and Caicos Islands.
While the notion of the Fund was embraced by representatives in the House of Assembly, there was vocal resistance to where the monies to prop up the Fund were pulled from; 12 community projects which failed to materialize during this fiscal year have now been scrapped, at least for now.
“The PNP government is doing the right thing for the wrong reasons,” said Edwin Astwood, Leader of the Opposition, in response to our question about his party’s support of the Fund.
“They have no policy, no plan, no guidelines, no terms of reference, nothing for the establishment of this.”
It took the passage of a fourth Budget Supplementary, which re-allocated the monies from the Ministry of Physical Planning and Infrastructure Development. Listed in the Supplementary Appropriation papers as “projects to be re-assessed and re-appropriated” were the $1.5 million enhancement and restoration of Conch Ground in South Caicos; $2.7 million for the construction of a Community Center in Bottle Creek, North Caicos; $800,000 for the Bambarra Beach huts renovation in Middle Caicos; $650,000 for upgrade to the Bight Park in Providenciales; $550,000 refurbishment of the Horse Stable Beach complex, in North Caicos; $550,000 renovation of the Fuller and Clementina Walkin Park in Blue Hills, Providenciales; $250,000 refurbishment of the Sylvia Melhado
Aged Care Center and a combined $365,000 for four vehicles, specifically a vehicle for the Health Promotions and Advocacy Unit; a bus for the Immigration Department and two wheelchair accessible vans; one of them for the SNAP Center in Provo and the other for the Eliza Basden Aged Care Center in South Caicos.
“I did not support it,” said Astwood, explaining that, “to purchase a wheelchair accessible van should not take 365 days and have to be brought back. That was one of the 12, total adding up to some $7M.”
With mere days to go in the 2023-2024 fiscal period, the PNP Administration laid its fourth Budget Supplementary which was not adding to national spending, it was shifting millions of unspent dollars around before the sun completely sets on the Budget Year on Sunday March 31.
The aim of the Mortgage Fund is frustrate the unhealthy, excessive cost of housing as the Turks and Caicos faces a crisis when it comes to demand for affordable housing. A significant barrier to addressing this very serious concern, as the Turks and Caicos economy experiences exponential growth is funding.
During the July 2023 launch of the National Housing Policy, it was announced that a survey found too many residents were paying in excess of 50 percent of their income on housing, 21 percent were residing in homes which were in need of repair and nearly 70 percent were looking to buy their own homes within the next five years.
But there is little hope of affordable financing for home purchases or home renovations; banks were criticised at the event during a Q&A period for unfriendly lending terms.
With the cost of living considerably higher in the Turks and Caicos Islands, the banking representative explained that among the considerations at play was the salaries of public sector workers, in particular.
Minimum wage and public sector salaries have now been raised by the Government and this newest Budget Supplementary has given money to jump start the corporation, which now makes up part of the National Wealth Fund.
“The Fund shall consist of the Stabilisation Fund; Infrastructure and Competitiveness Fund; Heritage Fund and Mortgage Corporation Fund.”
The Department of Housing, last July had informed that 32 percent of survey participants wanted the Government to get involved; hoping for benevolence which would turn home ownership dreams to reality.
CAPTION:
Bambarra Beach Huts in January 2021, before a fire ravaged the cute, colourful vendor stalls in April the following year. Budgeting for development of the site is again delayed, even as Bambarra in Middle Caicos, Turks and Caicos Islands has now captured the title of #2 Best Beach in the Caribbean in USA Today’s 10 Best Reader’s Choice awards. PHOTO BY TCI TOURIST BOARD.
Turks and Caicos, January 20, 2025 – Her Excellency the Governor Dileeni Daniel-Selvaratnam chaired the 41st meeting of Cabinet held on December 11th, 2024. All members of Cabinet were present with the exception of Hon. Rhondalee Knowles, Attorney General, with Ms. Khalila Astwood acting as Attorney General.
At this meeting Cabinet:
- Considered proposals related to the 2022 Crown Land Review Report.
- Approved the mutation of parcels 60603/57, 60610/316, 60700/107, and 20313/47, 58 & 59 and for the same to be vested with the
TCI Airports Authority. - Received a presentation on proposals on the integration of Virtual and Augmented Reality (VR/AR) technologies into programs at the Turks and Caicos Community College.
- Approved the management authority of parcel 60503/315 to the Turks & Caicos Islands Sports Commission for multi-purpose use for the development of a community park and recreational facility.
- Received a presentation from the Turks and Caicos Islands Sports Commission on the establishment of a National Sports Training Centre.
- Received a presentation from the Turks and Caicos Islands Sports Commission regarding the establishment of a Department of Parks and Recreation.
- Received a presentation from the Ministry of Health on matters relating to the National Health Insurance Board.
- Approved the re-appointment of Mrs. Angela Musgrove as the Chief Executive Officer of Invest Turks and Caicos for a three-year term.
- Approved the appointment of Mr. Henry Wilson as a member to the Fisheries Advisory Committee.
- Noted the award of the following contracts in line with the process according to the provisions of the Public Procurement Ordinance; Contract Award Notification:
- PN 005690, TR 24/09, Upgrading Bight Park
- PN 005729, TR 24/23, Vehicles for Immigration
- PN 005730, TR 24/08, DDME Communication Equipment – Mobile Antenna
- PN 005765, TR 24/31, Redevelopment of Regatta Village
- TCINIB 01/2024, TR 24/26, Vehicles for NIB
Further information on these matters will be presented by Ministers in due course.
Turks and Caicos – Her Excellency the Governor Dileeni Daniel-Selvaratnam chaired the 40th meeting of Cabinet held on December 4th, 2024. All members of Cabinet were present, with the exception of Hon. Jamell Robinson, Deputy Premier and Hon. Rhondalee Braithwaite-Knowles, Attorney General, with Ms. Khalila Astwood, acting as Attorney General.
At this meeting Cabinet:
- Approved the Turks and Caicos Islands Fiscal Strategic Policy Statement.
- Approved the negotiation of a Development Agreement/Order with Retreat Development Ltd.
- Approved the transfer of excess revenue from the Consolidated Fund into the National Wealth Fund for the Financial Year Ending 31 March 2024.
- Approved Planning Application PR 17673 for a proposed watch tower and rest station on block and parcel 60000/345 for the TCI Regiment.
- Approved the negotiation of a license agreement with the Proprietors of Balfour Salt Ltd. for a period of 10 years.
- Approved the policy document for the use of Biometrics and Introducing an Electronic Travel Authority Requirement.
- Approved the appointment of Mr. Lynden Hall Snr. as a member of the Turks and Caicos Islands Gaming Control Commission Board for a period of two years.
- Approved the write-off of water charges and penalties in accordance with Section 52 of the Public Financial Management Ordinance 2012.
Further information on these matters will be presented by Ministers in due course.
January 20th, 2024 – Nassau, Bahamas – The Bahamas National Trust (BNT) proudly announces the release of its 2023-2024 Annual Impact Report, which documents key conservation milestones achieved from January 2023 to June 2024.
Highlights from the report include: completion of the BNT’s 2024-2029 Strategic Plan – a comprehensive roadmap to guide the organization’s efforts over the next five years; the declaration of Seahorse National Park in Eleuthera as the country’s 33rd national park; advancements in critical scientific research and the creation of conservation plans aimed at protecting endangered species; major infrastructure improvements in national parks, enhancing visitor access and recreational opportunities; and new strategic partnerships with
local and national organizations for collaborative national park management.
“The past 18 months have been a pivotal chapter for the BNT,” said Lakeshia Anderson-Rolle, Executive Director of The Bahamas National Trust. “With the unwavering support of our members, donors, and partners, we’ve expanded our national park system, advanced critical conservation efforts, made major infrastructure improvements in national parks, and connected thousands of Bahamians to their parks. These achievements underscore the power of collaboration and inspire us to continue building a future where people and nature thrive together.”
Looking to the future, the BNT’s 2024-2029 Strategic Plan prioritizes enhanced park management, tackling climate resilience, addressing invasive species, and strengthening community partnerships to ensure the sustainability of The Bahamas’ national parks.
The Bahamas National Trust extends heartfelt thanks to its supporters for making these achievements possible, and invites everyone to explore the full 2023-2024 Impact Report on its website at https://bnt.bs/2023-2024-impact-report/.
To learn more about the BNT’s role in managing national parks, protecting wildlife, and informing environmental policy, please visit its website: www.bnt.bs, and follow its various social media channels: Facebook, Instagram, Twitter, and YouTube.
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