Castries, April 26, 2024 – The Hon. Philip J. Pierre-led Administration prioritizes the needs of Saint Lucians first and always. The Year of Infrastructure will close the housing gap and make the dream of homeownership a reality for many Saint Lucians.
For the first time, the Government of Saint Lucia will commit revenue from the Citizenship by Investment Programme (CIP) to build affordable homes for our citizens. Prime Minister Pierre made this historic announcement during his Budget Policy Address on April 23, 2024.
The decision to invest CIP revenue into housing developments for our citizens signifies the intention of the government to ensure ordinary Saint Lucians have an opportunity to become home and property owners.
Site preparation activities for the first CIP-funded housing development project has commenced. The Prime Minister has indicated the community of Rock Hall, Castries, will be among the first locations earmarked for this transformational development.
The 2024-2025 Budget is crafted to enrich the lives of our citizens socially and economically. It includes vital housing solutions that will elevate the standard of living/quality of life for low and middle-income earners in Saint Lucia.
Under the Pierre-led Administration, the National HousingCo-operation (NHC) will undertake its first housing development project in several years. The NHC has secured approval from the Development Control Authority (DCA) to build multi-family complexes with fifteen (15) two-bedroom apartments at Cas en Bas, Gros-Islet.
The National Insurance Property Development & Management Company (NIPRO) is currently in discussion with two (2) developers to construct 100 affordable houses in the Massacre.
Invest Saint Lucia (ISL) has commenced a Land Rationalization Project in Dennery North and Dennery South, Vieux Fort North, and Vieux Fort South. This project will transition many Saint Lucian families living on government-owned lands from squatters to homeowners. The government, through ISL, will ensure these residents get the opportunity to purchase the lands they occupy at subsidized costs.
The government is removing the financial barriers to homeownership for our hardworking public servants. The Prime Minister announced the government will utilize a new credit line facility valued at $20 million US from the EXIM Bank of the Republic of China (Taiwan). The Saint Lucia Development Bank will administer the credit facility. It offers public servants 100% residential mortgages! Furthermore, the government will assist every successful applicant with a $1000 payment towards their legal cost.
These people-first policies outlined in the Prime Minister’s 2024-2025 Budget will empower our citizens and give them more accessible opportunities to build and own property and acquire equity to stimulate wealth creation in Saint Lucia.
