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.