Approximately 5,800 former workers of Caroni (1975) Ltd, who are part of the Voluntary Separation of Employment Programme (VSEP), will now benefit from a two per cent mortgage loan being made available from the T&T Mortgage and Finance (TTMF).
A memorandum of understanding was signed between the TTMF and the Sugar Industry Labour Welfare Committee (SILWC) yesterday at the Ministry of Housing and Urban Development at the HDC Building, South Quay, Port-of-Spain.
“The alliance between the TTMF and SILWC is but yet another measure adopted by my ministry to help the VSEP employees of Caroni (1975) Limited to improve the quality of their lives after the closure of the sugar industry,” said Roodal Moonilal, line minister.
He said a meeting at the TTMF office in April 2014 revealed that VSEP workers were having difficulties to access finance to buy land and construction of their houses.
“Historically SILWC, an agency of the Ministry of Housing and Urban Development, has been successful in providing land and soft loans for housing to persons engaged in the sugar industry. SILWC has a virtual symbiotic relationship with Caroni and Caroni workers,” he said.
To assist with information dissemination, the TTMF and SILWC will launch a series of presentations to inform to relevant beneficiaries. Moonilal said SILWC would be responsible for advising the persons whose applications have been approved.
“SILWC therefore plays an essential role in this arrangement by holding the hand of the ex-Caroni workers and taking them step-by-step through the process of their loan applications,” he said.
He added after the applications have been submitted and the process of the buildings got underway, SILWC would be engaged in making regular site visits during the stages of construction to monitor the progress of the houses.
He said the monitoring and evaluation systems implemented by SILWC would ensure that the building plans approved by the Town and Country Planning division were being adhered.
“Apart from expanding housing solutions for these citizens of Trinidad and Tobago, this facility in its broadest and most holistic sense would serve as a platform to generate employment and economic activity for people in those communities,” he noted.
Moonilal said that through his ministry, along with the Bureau of Standards, a Cabinet note was being finalised which would finalise the codes for small buildings.
Those wishing the two per cent mortgage loan should make their applications with the TTMF in accordance with its existing lending policies. Procedures for the two per cent interest would be based on the original cost of the land which was on average $30,000, it was noted.