A major low cost housing development will take place over the next five years following the government guaranteeing a $150 million loan to the Housing Authority that is to be sourced locally.
Under this guarantee from the government and getting loans from local companies like insurance agencies and the Fiji National Provident Fund, the Authority is looking at the development of 20 new subdivisions in the North, West and in the Central Division.
This will see development in Laqere in Savusavu, Tavua, Natadola, in Matavolivoli and Waqadra in Nadi with the remaining sub-divisions in the Central Division in places like Tacirua East, Nepani and Wainibuku, where close to 10,000 new lots are expected to be built by 2015.
At the moment, construction work is underway in Wainibuku where 270 lots are being developed.
Authority Chief Executive, Alipate Naiorosui confirms the Government had agreed last year to act as guarantors for the multimillion dollar loan which will be totally locally sourced, adding they have approached the Fiji National Provident Fund and financial institutions for funding.
This is the second loan to the Authority where Government has acted as guarantors, with the other being the $70 million soft loan from the Exim bank of China.
Naiorosui said with majority of the loan to be sourced from FNPF, repayment of the loan is not a problem as the Authority stands in a very good financial position at the moment.
Chairman of the Housing Authority Board, Lt Colonel Pio Tikoduadua had earlier this week revealed that Government was backing the Authority as affordable housing is part of the reforms proposed in the Peoples Charter.
Major low cost housing development to take place
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