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THA hands out subsidised homes
The Tobago House of Assembly (THA) has begun to distribute 170 units at its highly-subsidised housing estates in Adventure, Blenheim and Castara in Tobago. In its first phase of distribution, 20 families received keys to their dream homes at Blenheim on Monday, followed by 28 families in Castara on Wednesday and 35 in Adventure yesterday. The highest market value of a three-bedroom unit and land at Blenheim is $585,000 and the lowest market value of a two-bedroom unit is $335,000. However, the units are highly subsidised by the THA resulting in them being sold for $410,000 and $177,000.
At Castara, the highest market value of a three bedroom unit is $535,000 and a two-bedroom unit is $322,000. However, the THA subsidy has brought down the price to $292,000 and $113,000, respectively.
The market value of a three bedroom unit at Adventure is $730,000 and a two bedroom is $435,000. The THA subsidy has brought this down to $390,000 and $229,000. The cost of the land, too, is being heavily subsidised at all three developments where the market value is put at $28 per square foot, but with the subsidy it is $5 per square foot.
Mortgage loans to purchase the homes are being provided by the Trinidad and Tobago Mortgage Finance Company Ltd (TTMF). Secretary of Settlements and Labour Whitney Alfred, speaking at the Castara distribution of keys, said the successful applicants could not have had a better deal and the delay in receiving their keys was worth it. He also delivered good news to the contractors on all three projects who have been owed money for up to nine months to a year, describing it as an untenable situation and promised to ensure they got paid before Christmas.
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