ICBL is proud to announce a partnership with the Government of Barbados and the Barbados Public Workers Credit Union, to provide affordable housing solutions and insurance coverage to middle-income Barbadians.
Home Ownership Providing Energy (HOPE) Inc. is the state-owned enterprise under the Ministry of Housing, Lands and Rural Development, developed to spearhead this venture. The project is expected to build over seven hundred hurricane-resilient two and three-bedroom houses in the first phase. The initiative creates an opportunity for first-time homeowners, earning under $4000 per month, to access a mortgage who would not, otherwise, have been eligible. The mortgage payments will be approximately $795 for a two-bedroom home and $1000 for a three-bedroom.
At the groundbreaking ceremony of the project on Friday, March 26th, 2021, at Vespera Gardens, Lancaster St. James, Prime Minister Mia Amor Mottley, lauded the venture, which would allow more Barbadians to live out their dreams of homeownership.
She said, "It has always struck me that the most important intervention that a state or a Government can make is being able to give a citizen roots. Citizens get roots when they have a stake in the country in which they live, and there is no greater stake in a country than to own a piece of the rock."
Chief Operating Officer of ICBL, Oliver Jordan, who attended the groundbreaking event, expressed his enthusiasm for the partnership. “As the exclusive insurance provider, this project provides an opportunity for ICBL to contribute to a positive venture, empowering lower and middle-income persons in the community to move from renting to owning a home. ICBL will be providing property and creditor life insurance to the new homeowners at concessionary rates. This underscores our position that we are more than a corporation. We are about the people in the community in which we operate.”
Under this initiative, HOPE provides the land at no cost to the buyer, allowing the buyer to qualify for a mortgage with land as collateral. HOPE recovers its cost for developing the land through the Photo-Voltaic (PV) systems installed on the houses over fifteen to twenty years. At the end of this period, HOPE will give the homeowner the PV system.