Page 63 - PNM General Election 2020 Manifesto

• Affordable Homes (target 5,000 units): $350,000 Subsidised rental units will be built for low-income
to $500,000 earners, the elderly, the physically challenged and
Þ A monthly payment of $1,164 to $1,756 with a the indigent. However, the focus will be to
5% downpayment encourage home ownership, hence the affordable
monthly payments.
• Middle Income Homes (target 5,000 units):
$650,000 to $900,000 In addition, the following programmes will be
Þ A monthly payment of $2,283 to $3,161 with a intensified and accelerated:
5% downpayment
• Housing Improvement and Repair Grants up to
• Young Professionals Housing (target 5,000 units): $35,000
$1,000,000 to $1,500,000
Þ A monthly payment of $3,512 to $5,360 with a • Aided Self Help
5% downpayment
• Squatter Regularization and Land Ownership

• Serviced Building Lot Development and
Distribution

• Village Improvement

• Infrastructure Development and Upgrade in
Unplanned Communities

• Concessional Home Construction Loans with a 2-
year moratorium on payments
With appropriate incentives, it is expected that the
private sector can contribute a further 10,000 units • Concessional Land Purchase Loans with a 2-year
over 10 years. Together with the planned public moratorium on payments
sector housing programme this will stimulate the
creation of 20,000 jobs per year and contribute $2 • Housing Start Grants up to $35,000
Billion to the economy.
The PNM will also establish a transparent and easily
The PNM will provide the enabling environment and accessible online application and allocation tracking
necessary subsidy for all state-supported housing system, so that applicants will have a better
mortgage loans to be at a subsidised interest rate of understanding if their place in the queue.
2% over 30 years, with a downpayment of just 5%
in the higher income brackets. With respect to the development of an indigenous
building industry, the focus in the past has been for
The PNM will also implement a state-sponsored too long on mega contractors, leaving many of our
programme to allow first-time homeowners with small builders out of the picture.
existing mortgages to refinance their housing
mortgage loans at concessional rates under The PNM has already moved apace to redress this
prescribed conditions. imbalance with the introduction in January 2020 of
the Small and Medium Contractors (SMC) Housing
Fully developed land for housing will also be Initiative, whereby basic 3-bedroom 2-bathroom
provided at $10 per square foot or $50,000 for a homes at a cost of less than $500,000 are being
typical house lot. constructed by SMCs for families earning less than
$9,000 per month in North, East, Central and South
Trinidad. See link:

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PNM THE RIGHT CHOICE ON AUGUST 10 People’s National Movement Manifesto 2020