The government will certify contractors and work with financial institutions to help approximately 20,000 Guyanese who already own house lots but have been unable to begin building their homes.
Vice President Dr Bharrat Jagdeo announced the initiative during a meeting with residents of Region 10 at the Watooka Guest House, explaining that many beneficiaries of the government’s housing programme have land but lack the financial resources or guidance needed to start construction.
“We’d have to certify a number of contractors,” the Vice President said, adding that persons who already own government-allocated house lots will be able to choose from approved contractors to construct their homes.
He explained that the government will work with homeowners and commercial banks to facilitate financing for the construction of houses on their existing lots.
“If you have a piece of land anywhere in the country already that you got from the government, or you will get from the government… you will be able to select a contractor. We’ll work with you and the bank to get you the loan to pay for the house on your land, and then you tie up an arrangement with the bank to pay the mortgage,” Dr Jagdeo stated.
According to the Vice President, the initiative is expected to benefit around 20,000 people who already own land allocated by the government but cannot yet afford to build.
“So, we’ll be able to help about 20,000 people who can’t build now but already have lands,” he said.
The initiative forms part of the government’s broader efforts to expand home ownership by making it easier for landowners to transition from owning a house lot to building and financing a home.