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Press Release From Independent Source

SSB inks Agreement for First Time Home Owners Programme

The Social Security Board on Thursday January 5, 2017 signed an agreement with two building contractors to facilitate the design and building of 43 residential units at Joe’s Hill, in the Road Town Section of Tortola. Photo: Internet Source
ROAD TOWN, Tortola, VI- The Social Security Board on Thursday January 5, 2017 signed an agreement with the team of James Todman Construction and Larry Adams Construction Companies (JTC/LAC) to facilitate the design and building of 43 residential units at Joe’s Hill, in the Road Town Section of Tortola.

The development agreement for the First Time Home Owners Programme was signed by James Todman, Sr and Larry Adams, on behalf of JTC and LAC respectively, and Director of the Social Security Board Antoinette Skelton. Witnessing the momentous signing were Mr Ian S. Smith, Chairman of the Social Security Board, along with Board members, Messrs Anghel George and Simon Potter, and Ms Vereen Vanterpool.

JOE’S HILL HOUSING DEVELOPMENT

The Joe’s Hill Housing Development carries a contract sum of $11,150,612.00. The development comprises of approximately 7.054 acres of land to include a collection of 43 homes ranging from one to three bedrooms in condos and single family homes. The development encompasses scenic views and will boast a gym, a playground, commercial and green spaces and ample parking.

The Chairman of the Social Security Board hailed the signing as a proud moment for the Virgin Islands and the Social Security Board as the investment will enable Virgin Islanders and Belongers to own their own home thus creating the opportunity for individual wealth building.

Mr Smith pointed out that the development will also stimulate the economy through the creation of hundreds of jobs and the circulation of money throughout the economy by the multiplier effect.

Director Skelton said that over 100 persons have expressed an interest in purchasing a home through the Social Security housing development initiative and that the Board is committed to advance the housing project to other areas of the Territory.

Speaking on behalf of joint venture team, JTC/LAC, Mr Todman pledged his commitment to constructing the housing development in a timely manner, with quality and professionalism.

INVESTMENTS

The Virgin Islands Social Security has a long history of investments in real estate internationally, such as Fannie Mae and Freddie Mac. The First Time Home Owners initiative will be no different. The Social Security Board, as part of its Investment Policy, has the capacity to invest anywhere from 10% to 20% of the Social Security Reserve Fund into the local economy. Previously, these investments took the form of large scale infrastructure and capital development financing. Given the pressures on interest rates and returns on investments, the Social Security Board looked at an alternative investment strategy that would increase the portfolio’s return while stimulating the economy and ensuring the long term viability of the Social Security Fund.

The Chairman of the Board is assuring contributors that the Social Security Board will not be assuming the risk of the development as the end financing for the relevant individual mortgages will be done through the local banks. The Board expects to see returns of 7% to 12% on the local real-estate development investments.

THE FUND

The Social Security Reserve Fund currently stands at approximately $580 million with $192 million invested in US and Global equities;  $206 million invested in fixed income and convertible fixed income; $80 million in local credit and equity investments; and $98 million in CD’s and cash at local banks.

9 Responses to “SSB inks Agreement for First Time Home Owners Programme”

  • traitor (11/01/2017, 15:33) Like (0) Dislike (0) Reply
    one was rewarded for not supporting the vip
    • Lawrence company (11/01/2017, 21:36) Like (0) Dislike (0) Reply
      I taught theybuilt it because they wanted the spot close to cills but i see ppeople livin their
  • mm (11/01/2017, 17:26) Like (1) Dislike (2) Reply
    hopefully my bvi fellow men and women wont turn the housing into the bvi slums
  • eat (11/01/2017, 18:34) Like (3) Dislike (0) Reply
    To get one of these will be pure politics
  • NotTheOnlyOne (11/01/2017, 20:27) Like (1) Dislike (0) Reply
    This is not the only thing they have been inking agreement on lately. Social Security Board is like the government's piggy bank or more or less bailout. I guess they not proud of all they ink or they have a confidentiality clause not to tell on the government. They soon run in problems.
  • WTF (12/01/2017, 09:03) Like (1) Dislike (0) Reply
    What is the criteria to qualify for one of these homes?
  • Proud BVIslander (12/01/2017, 09:13) Like (2) Dislike (0) Reply
    Why Tortolians always have to be so negative & messy? My gosh! Not one positive comment! Well I think its a good initiative and I believe the project will be a success.
    • Pink Panther (15/01/2017, 13:56) Like (0) Dislike (0) Reply
      They may need a class for that my dear. "Positive Ethics"... because it's just not normal anymore. On the better note, I agree that's it's a great idea...looking forward for its' successful completion.


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