Making housing more affordable: 40,000 new homes to be built in the next five years

The PPP/C government plans to construct 40,000 new homes over the next five years to ensure every Guyanese citizen has the opportunity to become a homeowner.

Vulnerable families will also benefit from the construction of homes through the Core Home Support Programme, raising their living standards.

This was among some ambitious plans unveiled during the launch of the People’s Progressive Party/Civic (PPP/C) manifesto at Pegasus Suites and Corporate Centre in Kingston, Georgetown, on Monday.

With over 53,000 house lots already allocated, the government will work to eradicate the backlog of applications in every region and expedite all pending housing applications.  

Other initiatives that will be undertaken by the government include:

• The regularisation of the remaining informal settlements
• Upgrading existing communities with concrete drains, streetlights, recreational spaces, and security cameras
• Advancing the Silica City project

Guyana’s housing sector has received an investment of approximately $300 billion.

The PPP/C government has continuously made homeownership more affordable and accessible by removing VAT on building and construction materials and increasing the low-income mortgage ceiling at commercial banks from $8 million to $20 million.

Guyanese will also continue to benefit from vouchers through the steel and cement subsidy initiative.