HDC to collect money for government housing: Moonilal

Cabinet agreed Thursday that all payments for government houses must be made to the Housing Development Corporation (HDC) instead of the current arrangement to pay the Trinidad and Tobago Mortgage Finance Company (TTMF).

Housing Minister Dr Roodal Moonilal is expected to announce the change during Friday's sitting of the House of Representatives.

Moonilal gave details about the change following the weekly cabinet meeting Thursday.

"Cabinet discussed a matter involving the Housing Development Corporation and the Trinidad and Tobago Mortgage Finance institution and the Cabinet did take a decision to reverse a previous policy position by the former PNM administration where they decided in 2009 that on the sale of homes to HDC applicants, the money would reside with the TTMF and not the Housing Development Corporation," he said.

"We reversed that decision today (Thursday) so that on the sale of those housing units, the money goes to the HDC which can then be used for construction and not rely solely on the treasury...or even borrowing."