Turks and Caicos Launches $7M Mortgage Fund Amidst Scrapped Community Projects Controversy

The Turks and Caicos Islands recently unveiled a $7 million Mortgage Corporation Fund, established to promote home ownership across the islands. However, the move has stirred controversy as the funds were reallocated from 12 community projects that failed to materialize during the fiscal year.

Opposition Leader Edwin Astwood criticized the government’s decision, citing a lack of policy, plan, or guidelines for the establishment of the fund. The funds were diverted from various projects, including the enhancement of Conch Ground in South Caicos and the construction of a Community Center in Bottle Creek, North Caicos.

Astwood expressed disappointment, particularly regarding the delayed purchase of a wheelchair-accessible van among the scrapped projects. However, the government defended the reallocation, emphasizing the urgent need to address the housing crisis in the Turks and Caicos Islands.

With a significant portion of residents spending over 50 percent of their income on housing, the Mortgage Fund aims to provide affordable financing for home purchases and renovations. The move comes amidst concerns about unfriendly lending terms from banks and the high cost of living in the islands.

The Mortgage Fund is now part of the National Wealth Fund, which includes the Stabilization Fund, Infrastructure and Competitiveness Fund, and Heritage Fund. Despite delays in community projects, the government hopes the Mortgage Fund will turn home ownership dreams into reality for many residents.