EXCLUSIVE: “Affordable Homes for Locals from $197K–$239K” — Minister Musgrove Details Housing Push, Gov’t to Intervene in Mortgage Market

Deandrea Hamilton | Editor

Turks and Caicos, June 20, 2025 – Turks and Caicos Islanders could soon be able to purchase new homes priced between $197,000 and $239,000 as part of an aggressive government push to address the nation’s housing crisis.

The figure — revealed exclusively by Minister of Physical Planning and Infrastructure Development, Hon. Arlington Musgrove — represents the target price range for 350 new homes currently in planning.

Speaking at the TCI Business Outlook on June 13, 2025, Minister Musgrove outlined bold steps the government is taking to deliver affordable, climate-resilient housing — and to help local buyers access financing.

“We will actively engage with our banking partners,” Musgrove said. “I will be coming to you [the banks] to develop a product that offers low mortgage rates for persons with low to moderate incomes.”

Musgrove confirmed that government intervention in the mortgage market will be key: “We recognise the need for low-interest loans, grants, and subsidies, tailored to different income groups — and we are committed to making this happen.”

The National Housing Policy, launched in 2023, provides the framework. It focuses on affordability, environmental sustainability, and innovation — with public-private partnerships at its core.

Among actions now underway:

• A Mortgage Corporation is being established to streamline financing and eventually offer innovative mortgage products.
• Parcels of land are being prepared for affordable housing developments.
• Builders will be required to meet climate-smart standards.
• The government is calling on banks, developers, and civil society to join in delivering sustainable solutions.

Musgrove stressed the government’s determination to deliver on its promise under Citizens’ Contract 2.0: “Affordable housing is both a social imperative and an economic necessity. Rising land prices, climate risks, and high demand mean we must act — and we are acting.”

Community voices and private sector partnerships will shape the outcomes: “Our citizens’ voices must guide our planning,” the Minister said. “We must foster a culture of transparency, responsibility, and shared benefit.”

Looking ahead, the government’s vision is clear: “A Turks and Caicos where every family has access to safe, affordable, and environmentally responsible housing,” Musgrove said. “Communities that are resilient to climate impacts and where economic growth is inclusive and sustainable.”

The Minister ended with a call to action: “We must harness resources, leverage partnerships, and stay committed. I urge banks, developers, agencies, and our citizens to join us in this vital national effort.”

Details on the housing rollout — including locations and financing options — will be shared with the public as soon as the current RFP (Request for Proposal) phase clears procurement.

UPDATED: June 21, 2025 (6:39pm)