Categorized | National News

Halkitis: Gov’t Having Good Success With Mortgage Relief

Minister of State for Finance Michael Halkitis said he and his team are currently waiting on a full report that will be presented in the House of Assembly (HOA) as early as next week on the Mortgage Relief Program.

The government, according to Prime Minister Perry Christie, was very close to finalizing the components of a mortgage relief plan.

He made the announcement in the HOA back in early March of this year.

Fast forwarding to the end of May 2016 Mr. Christie noted that homeowners who would qualify for the government’s forthcoming mortgage relief program would cause a 20 per cent to 25 per cent reduction in mortgage payments.

Mr. Halkitis says currently the program is well underway.

“We expect when we go back to Parliament on the 31st of August, it is our intention to move some amendment to legislation to facilitate our mortgage relief program,” he said.

“We expect that we would have those complete before we break.”

He did not specify on whether he meant break for the summer or before the New Year but made assurance that banks are now doing their part in the process with contacting individuals.

“They are assessing them to see whether they qualify, so some individuals have already been contacted,” Mr. Halkitis said.

“We will get the report so that when we get to Parliament we would be able to give the public indications of how many people have been contacted and how many people are qualified. Our early indications are that we are having some good success.”

Back in May, the relief program, according to Mr. Christie, would cost the government an estimated $20 million that would be paid by the government over the next four years.

It is said that the program should assist more than one thousand homeowners.


Written by Jones Bahamas

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