SOCIAL SECURITY Signs Loan Agreement and Presents Cheque to Nevis Housing and Land Development Corporation
The St. Christopher and Nevis Social Security Board has taken the first step in the implementation of a ten million dollar (EC$10 M) loan facility in support of the Nevis Housing and Land Development Corporation. In a ceremony held at the Social Security Conference Room at its new office complex situated at Pinney’s Estate, the signing of the loan agreement and the disbursement of the first cheque of EC$1.6 Million were concluded on Tuesday 24th January 2017.
The entire loan is in support of the procurement of equipment to be used at the New River Quarry and for construction of over 50 affordable homes on Nevis. The first housing project will consist of 32 units at Madden’s Estate. This first cheque is earmarked for the repayment to the Nevis Island Administration for the recent acquisition of equipment to be used at the Nevis Island Administration-owned quarry. The remaining funds will be disbursed in tranches in keeping with the phased completion of the housing projects over a period of time.
The short ceremonial exercise was attended by officials of the two principal bodies involved. Minister responsible for Housing and Lands on Nevis and Chairman of the Nevis Housing and Land Development Corporation Board of Directors Hon. Alexis Jeffers, General Manager of the Nevis Housing and Land Development Corporation Mr. Dexter Boncamper and Legal Counsel in the Nevis Island Administration Ms. Rhonda Nisbett-Browne represented the NHLDC. Chairman of the St. Christopher and Nevis Social Security Board of Directors Mr. Oscar Walters, Secretary to the Board Mr. Leon Charles, Board Member Mrs. Jacqueline Brookes-Jeffers, Director of Social Security Mrs. Sephlin Lawrence, Deputy Director of Social Security Mr. Steve Wrensford, Assistant Director of the Social Security Nevis Branch Office Mr. Vernel Powell, and Assistant Director of Compliance, Public Relations, Statistics and Research Mr. Elvin Bailey were present on behalf of Social Security. In expressing his appreciation for the support of Social Security, Minister Jeffers thanked all concerned and also gave additional information related to the project. He explained that among the various means by which persons could access the homes, special arrangements with financial institutions such as the Nevis Cooperative Credit Union were being entertained whereby prospective homeowners can secure mortgages through such institutions.
He urged all such persons to be prepared to service their mortgages as this would be crucial towards ensuring that this loan from Social Security is repaid with the requisite interest. Social Security also has an understanding with the NHLDC to ensure the full coverage and compliance of all the employers and self-employed persons engaged in the project.