Saint Lucia unveils landmark CIP-funded housing project

Saint Lucia: The Government of Saint Lucia has launched its first ever CIP-funded housing project. Under this project, 64 houses will be built in Rock Hall, Castries while housing development will take place at Belvedere, Canaries. While announcing the initiative, the government said that for several citizens of the country, homeownership is just too cost-prohibitive.

Keeping this in mind, Prime Minister Philip J Pierre and his administration are taking action to break down barriers to homeownership to provide ordinary families a real chance to become first-time homeowners.

The Prime Minister made this historic announcement during his Budget Policy Address on April 23, 2024.

According to the information, this will be the first time that the government will use revenue from the Citizenship by Investment Programme – CIP to construct affordable housing to help families upgrade from tenant to landlord.

In his Budget address, the Prime Minister announced that the administration will be breaking ground on a historic affordable housing development project.

For this project, approval has also been granted to a developer to build a 64 unit housing development in Rock Hall, Castries. Meanwhile, the government is also finalising the terms of a second housing project which has been earmarked for construction in Belvedere, Canaries.

Also, the site preparation activities for the first CIP-funded housing development project have already commenced.

PM Pierre further mentioned that the revenue generated by CIP would close the housing hap and make the dream of homeownership a reality for several Saint Lucians.

The Pierre led administration is working to put people first and will soon put the citizens in new homes through the Citizenship by Investment Programme.

With this initiative, the government is prioritizing the needs of its citizens first and always. The decision to invest the CIP revenue into housing developments for the citizens showcases their intention to ensure that ordinary Saint Lucians have a chance to become home and property owners.