Philipsburg: ----- The Executive Council has sent the draft memorandum of understanding (MOU) to the St. Maarten Housing Development Foundation (SHDF) on the joint development on the Hope Estate Project. Leader of government and commissioner of Housing William Marlin said the executive council has taken a decision financially supporting the St. Maarten Development Foundation in the purchase of 80, 000 square meters of land in Hope Estate.
Marlin said the houses that will be built on the property are for persons with middle income while they are also looking at standard homes, which will be sold to those persons that are granted 100% financing. He said government is already in discussion with the financial institution that would grant applicants 100% finance to the prospective buyers.
Marlin made clear that the St. Maarten Development Foundation would not be building houses and then look for buyers. The institution would be using their database as well as they would make a public appeal for persons who are interested in the project. He said those that applied would go through a selection process that will be presented the financial institution and if qualified the homes would be built on their behalf.
He said the SHDF would not have a situation where they would be burdened with paying a loan and government intends to complete the project based on partnership.
Marlin said government also identified two other parcels of land where they would be developing housing projects. One of the projects he said would be for middle income while the other low-income families. He said the intention is to build at least 50 two-bedroom apartments that would also be for sale. The apartments that would cater to low income families would be on rent. At the Hope Estate he said the 72 are being built, there would be another project with three bedroom apartments, which will, geared toward low-income earners.