Housing and Municipalities Minister Zane DeSilva said the agreement marked a ‘major milestone’ in the project to provide 84 homes for families most in need
The Bermuda Commercial Bank has approved a $64 million loan to the Bermuda Land Management Company to fund Government’s affordable housing programme.
During a news conference today at BCB offices in Hamilton, Housing and Municipalities Minister Zane DeSilva said the agreement marked a ‘major milestone’ in the project to provide 84 homes for families most in need.
Minister DeSilva said he is seeing more ‘middle class’ families on the housing wait list than ever before, hence the urgent need to build.
Redevelopments at existing affordable housing sites are set to begin this August.
Andy Mielczarek, Executive Chair and CEO of BCB, said the agreement was struck through a desire to build a stronger community on a solid financial footing.
The Minister said the government secured a loan rate repayment in two blocks at 6% and 6.25%.
He also provided some insight into current status of those waiting to find an affordable home on the Housing Corporation’s waitlist.
