Cabinet earmarks $2.4 million for low cost housing

Meanwhile, Cabinet has approved an initial amount of two point four million dollars to fund low interest housing loans for victims of Hurricane Iris. The money, to be provided by the Social Security Board, will be administered by the Development Finance Corporation. The twenty-year mortgages, carrying an interest rate of eight and a half percent, will come with a six-month grace period and D.F.C. will waive all legal fees and stamp duty. The houses should cost between six and twelve thousand dollars. A Cabinet committee chaired by Minister of Rural Development Marcial Mes has been charged with the task of developing the design for a low cost structure with a hurricane proof concrete room at its core, sitting on a four to six inch concrete slab. Homeowners would then add to the structure with materials of their choice. Fifty of these houses will be paid for by the Government of the Bahamas. In other hurricane news, the Government of Germany has donated approximately one hundred and sixty thousand dollars toward the relief effort. It is being channelled through the International Red Cross, the Adventist Development Relief Association and the Janus Foundation. Janus, headquartered in the Cayo District, continues to supply hard hit areas with fresh baked goods including bread and sweet rolls, using ingredients donated by local suppliers.