Gov’t signs MOU with Nat’l Bank for housing assistance

Government has signed a Memorandum of Understanding with the National Bank of the Virgin Islands for the Housing Assistance Programme.

Under the terms of the agreement, applicants of the Housing Assistance Programme will be assessed for subsidised loans. Partial or full grants will also be considered based on financial need to meet basic building repairs or restoration, said government in a media release on Friday.

Funds will be deposited with the bank then dispersed to beneficiaries approved by the Ministry of Health and Social Development.

“Having experienced the devastation caused by Hurricane Irma first-hand, we understand the importance of housing restoration. As the territory’s only indigenous bank, we are proud to play an integral role in the rebuilding process,” said Chief Executive Officer of the bank, Joy Francis, after the signing.

The housing programme was designed to assist residents who were left most vulnerable after the hurricanes.

The total number of houses reported damaged or destroyed during Hurricane Irma stood at 4,240 up to the end of September. That is according to a report presented by the Department of Disaster Management and the National Emergency Operations Centre.

The report further said roughly 22.5 percent of the territory’s population was displaced when Hurricane Irma hit.

The 2010 Population and Housing Census Report said the territory has a population of 28,054.