THA and FC relaunch home ownership plan in Tobago

The Division of Finance and Enterprise Development, in collaboration with the Tobago Branch of First Citizens, has relaunched the Tobago Home Ownership Savings Plan for Young People. The programme was officially launched in April, 2010 but never kicked off due to poor response from the public. The plan is geared at involving young people between the ages of 18 and 35 in a long-term saving scheme towards the future purchase of a home or land. Speaking at a news conference on Monday at the Division of Finance’s conference room at Glen Road, secretary of Finance and Enterprise Development, Dr Anselm London, said while there was turbulence in the economy he was very happy to reinvigorate the programme. 

He said once a young person made a minimum contribution of $500 a month to the savings plan and reached the threshold of $25,000, there were many benefits to be derived. “It will bring you closer to the front of the line for houses that the assembly may have constructed. It brings you closer to the front of the line for not only houses but also land that the assembly will distribute as part of encouraging people to owning a stake in Tobago, even if you do not want the assembly’s land or the assembly’s house you have a savings vehicle,” he said

London stressed that stakeholders would enforce strict policies to ensure Tobagonians have maximum benefits. “We know what we mean when we say a Tobagonian and the assembly will deal with that because we do not want people who abuse the privilege so as to disenfranchise other Tobagonians and therefore we will be extremely vigilant about the processes we put in place,” he said. London said during the period of saving, if a contributor did not want a house or land, the money was still accessible and would still belong to the contributor.