GREAT BAY----The Executive council has taken a decision to purchase the Hope Estate for the construction for more homes announced Commissioner of Housing William Marlin. The commissioner met with the St. Maarten Development Housing Foundation on Tuesday where the plans were discussed. Marlin said the intention of government is to enter into an agreement with the St. Maarten Housing Development Foundation where the Island Government will secure the funding for the project.
The idea is that government will be providing financial support (subsidies) annually which will be used to pay off the loan the foundation has. The foundation would be charged with building a number of homes mostly likely two and three bedrooms, which will be sold to potential buyers who can secure 100% financing.
Marlin said the foundation would not be building one home but instead when a group of people is qualified by the bank then the homes would be built.
The leader of government said when he was in government in a previously government had purchased the Hope Estate and according the plans, but after he left office the government who was in office for ten years left it dormant.
He said that there was a project to build some 96 two and three bedroom apartments on the property but this initiative was stopped by the previous government. Right now there are some 72 low income units on one half of the property while the other half remained unoccupied. According to Marlin he was informed that the low income united would be rented for a maximum of Naf. 500. It was stated that the low cost housing units are being built for some senior citizens who are living at the Sis Bassilica Center and capable of living on their own.
Marlin said the St. Maarten Development Foundation is confronted with a situation where they are unable to repair the Belvedere Duplex homes which created numerous substandard living conditions.
He mentioned that even though there are persons who are interested in purchasing the homes the foundation finds itself in an awkward situation since the persons who live in these homes are the “money makers” for the foundation. He stressed that the residents of the duplex homes are “the less delinquent” tenants and selling these homes would be a loss of revenue for the foundation would remain with its overhead expenses.
Marlin said if the homes are sold then the banks would hold at least 65% of the funds since there are still outstanding loans.
