Minister of Housing , the Hon. Collin Croal, said the programme, conceptualized under the leadership of President Dr. Mohamed Irfaan Ali, is intended to help beneficiaries overcome the challenges that often delay construction, including financing and labour shortages. He explained that beneficiaries can choose from three standardized foundation options—a 400-square-foot foundation for $600,000, a 600-square-foot foundation for $800,000, or a 900-square-foot foundation for $900,000. Croal emphasized that allottees are not required to purchase a modular home and may construct a home of their choice on the completed foundation. He added that representatives from Demerara Bank, Republic Bank, GBTI and Citizens Bank were present to assist beneficiaries with mortgage financing and pre-qualification.
Minister within the Ministry of Housing, the Hon. Vanessa Benn, underscored the government’s continued investment in expanding homeownership opportunities. She noted that it costs approximately $4 million to develop a single house lot, with the government subsidizing about 75 per cent, or $3 million, of that cost. Benn said the administration remains committed to ensuring every Guyanese has the opportunity to own a home, highlighting the government’s continued engagement with Region Three residents through Cabinet outreaches, Vice President-led engagements and regular housing activities.
During a technical presentation, Senior Engineer, Anthony Ragnauth, explained that the Foundation Programme bridges the gap between land allocation and homeownership by addressing one of the biggest barriers to construction, the upfront cost of building a foundation. He said the initiative supports the government’s target of delivering 40,000 housing units over the next five years by enabling beneficiaries to begin construction sooner and strengthening their ability to access financing to complete their homes.
Also attending the launch were Permanent Secretary Bishram Kuppen, CH&PA Chief Executive Officer Dr. Martin Pertab, Regional Chairman Inshan Ayube, Minister within the Ministry of Agriculture the Hon. Vikash Ramkissoon. The Director of Projects, Mr. Omar Narine, as well as the Director of Operations, Mrs. Denise King Tudor, were also in attendance along with other technical staff, to roll out the program.
