SSB should not be managing Joe’s Hill project — Deputy Premier
Deputy Premier Dr Natalio Wheatley said he favours the Social Security Board (SSB) making local investments but agrees that the SSB should not be managing projects such as the Joe’s Hill Manor Estate (JHME).
The disclosure was made during Standing Finance Committee (SFC) deliberations late last year as legislators considered estimates of the 2022 budget.
Dr Wheatley’s assertion came after Third District Representative Julian Fraser asked about the SSB’s long-term strategy and whether the agency intends to remain in the housing business.
SSB Director Jeanette Scatliffe-Boynes stated that it was doubtful the SSB aimed to remain in the housing industry and indicated it would be good to sell the JHME units and ensure its management, whether by a property manager or a housing association.
SSB in talks with real estate experts
Fraser asked for clarity on how the property management company or the housing association would lessen the burden on the SSB and Scatliffe-Boynes revealed that they are in discussion with several experts that are experienced in such developments.
She noted that this was to confirm how much can be divested, as it would be beneficial for the SSB to sell the properties removing all connections between the SSB and the project.
However, the Director said this requires the review of what is known as ‘the covenants’ to ascertain the options.
SSB should invest in finances overseas
Meanwhile, Dr Wheatley explained that he believes the SSB should invest in finances overseas.
He added that local projects are worthy of investment as it helps people’s dreams become a reality.
According to the Deputy Premier, there is a need for much development in the territory, and housing is an important area.
Dr Wheatley further explained that the differences between low income or affordable housing and the Joe’s Hill Manor Estate should be apparent; primarily to get a yield for the pensioners.
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This sounds like a script from our Premier…………wants to control everything that has $$$ changing hands
I agree with Dr Wheatley. I do not think SSB should even be involved in the sale due to the rumors already on the street as to who are promised those houses.
By the way, how much are those houses? Interested persons need to know.
We all know the reason why this was kept out of the hands of the politicians
Was it though?
the one whose only motivation for becoming an elected official is to fill the pockets.
We don’t miss the cocky yellow site. Them good at what they promote
Seriously, there is no such thing in the BVI as low income or affordable housing. The cost of building here does not allow for low cost. The people who are meant to be occupying those units won’t be able to qualify for enough money to buy a unit. So I don’t see how low income folks will ever occupy them untless the government buys them from SSB so they can get back their investment. Then the government will rent them out as low income housing. But buying one of those isn’t going to be low income, and the people who might have the money won’t live there, they’ll rent them. And that still won’t make it low income.
Social Security is the perfect choice to manage the Joe’s Hill development because they support the majority of pensioners in the BVI. Politicians, civil servants and their management businesses should be barred from interfering in management of this development.
I thought the idea of this whole housing project was to provide 1st Generation Virgin Islanders with affordable housing via a low cost loan with the SSB under a long term arrangement with terms and conditions. So at the end of its all persons can at least have some sort of extra cash to investment in themselves. Rents done high already not eveyone can get land and build. This Government is the worst ever. Setting up ppl for when they get old to go old ppl home to die.
That is how this project started out. As a low cost housing development.
Now it seems SSB is scared to say what the final cost would be.
These people knew exactly what they were doing.
I thought the idea of this whole housing project was to provide 1st Generation Virgin Islanders with affordable housing via a low cost loan with the SSB under a long term arrangement with terms and conditions. So at the end of its all persons can at least have some sort of extra cash to investment in themselves. Rents done high already not eveyone can get land and build. This Government is the worst ever. Setting up ppl for when they get old to go old ppl home to die. Fk vip