HOPE ESTATE--Minister responsible for public housing Theo Heyliger was hoisted by crane in a three-person construction basket and poured champagne over the highest point of the Hope Estate phase two apartment project on Monday. The project consists of 24 three-bedroom apartments.
The Minister lauded the fact that the project is nearing completion and, although just a drop in the housing demand bucket, will offer homes to some persons who need them the most. He pointed out that although monies from Dutch funding agency USONA for public housing had been depleted, it was time for St. Maarten to find creative ways to fund future construction of affordable homes.
In this context he mentioned "seriously looking at" housing bonds, finding ways of tapping into the pension fund, the housing foundation obtaining feasible interest rates at the banks, etc. He also gave a guarantee to St. Maarten Housing Development Foundation (SMHDF) Director Henry Lynch that government would soon sign over properties "to further develop affordable homes" for the people of St. Maarten.
As phase II is an extension of the 70 apartments that comprise Hope Estate phase I, the 24 units will be managed by SMHDF through a management agreement with government.
The project is being financed by USONA for approximately NAf. 4.4 million through the Social Economic Initiative funding. Government is contributing NAf. 1.1 million, NAf. 900,000 of which is designated for infrastructure and NAf. 100,000 for drainage provisions. SMHDF also is contributing NAf. 169,000.
The 24 apartments are in three separate three-storey buildings located adjacent to the three buildings of Hope Estate phase I.
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