Joe’s Hill Housing Development reinstated with $17M contract
The contract signing took place on Friday, May 29, 2020, at the SSB offices on Wickham's Cay 1.
The Joe’s Hill Development will be the first community to be built as part of SSB’s First-Time Homeowners Initiative. The community will house a total of 25 buildings with 43 residential units on seven acres of land. The type of units varies from one-bedroom, two-bedroom and three-bedroom units, with allocation for commercial space.
Hundreds of applications received- SSB
The project was initially intended to begin in 2017 but was put on hold due to hurricanes Irma and Maria.
According to a press release from SSB, hundreds of applications were already received in 2016 and 2017 from interested persons.
"In the coming months, persons will be notified if they are eligible to move on to the second stage of the application process, that is, providing banking documentation and proof of mortgage eligibility. The homes will be funded from personal mortgages from banks," the press release stated.
'Game changer'
SSB Director, Antoinette Skelton told attendees at the contract signing: “This project is a game-changer, especially for some young persons. “[What we find is that] many can pay monthly payments to the bank, but when it comes to the initial [investment], that 20-percent, that is difficult. Those are the people we are trying to address – first-time house owners.”
She continued, “It could not have come at a better time. There are many persons in the Territory who are unemployed due to COVID-19. This project will put $17-million initially into the economy, and that money will have a multiplier effect.”
SSB Chairman, Ian S. Smith said the project is “encouraging the people of the BVI to put down roots”.
He said, “The ultimate goal of the [First Time Homeowners] initiative is to afford VIslanders the opportunity to own their own home. This will lead to the encouragement towards savings, creation of wealth, along with a future generation of homeowners and independent citizens.”
Mr Smith said the initiative was also done to expand the Board’s investment portfolio and to ensure the fund’s longevity.
'When you own a stake, you own the country'- Hon Wheatley
Minister for Natural Resources, Labour and Immigration with responsibility for Social Security, Honourable Vincent O. Wheatley (R9) said, “We are [experiencing a global pandemic] and we know of our unemployment and the difficulties persons are having and we need to inject money into the economy so this is most timely from an economic point of view. Even more importantly, is the need for the Government to empower the people. Forty-three families will have a chance to own a stake in the economy. When you own a stake, you own the country, so I am very pleased.”
Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) said the project is great for the economy, stating, “We are going to create more jobs, we will have more money circulating in our economy.”
Premier Fahie also said that there is no better feeling than being able to own your first home and in so doing, people can restore their pride and dignity in themselves and for their family.
Mr James Todman gave special thanks to the Social Security Board and Government for putting its trust into the company.
Minister for Transportation, Honourable Kye M. Rymer (R5); Permanent Secretary in the Ministry of Natural Resources, Labour and Immigration, Dr Marcia Potter; Proprietor of STO Enterprises and Project Manager, Dion A. Stoutt; SSB Deputy Director Mrs Jeanette Scatliffe-Boynes; SSB Deputy Director with responsibility to NHI, Mr Roy E. Barry; SSB Chief Operating Officer, Mrs Michelle Todman Smith and Executive Assistant and Commissioner for Oaths, Mrs Karina Del Rosario were also present at the contract signing.
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23 Responses to “Joe’s Hill Housing Development reinstated with $17M contract”
Be aware that your calculation per unit would/should (I hope) also include for shared costs of:
- Actual Bldg costs; labour, materials, management costs, government/statutory fees, profit
- Roads & car parks
- External Services; power, water, sewer lines & treatment plant?, phone services, etc.
- Retaining walls
- Drainage solutions
- Landscaping
If you were privy to the estimate and did a breakdown of these things you would see that the cost per unit build is much less and that is what is scary.
Notice from the site photo shown, not all buildings are the same style or size, so cannot be simply prorated.
Remember also that the SSB is hoping to make a profit off each sale. This is going to be an interesting project to watch.
Women who do not see their way out and as much as they want indepedence struggle with banks etc....
Men who want to incest in a comfortable home for his family but cant because of strugge with the banks
Children who want to become independent but cant because of banks
BVIslanders on whole who are seeing other nationalities put down roots on their soil or put down roots back home .... those BVIslanders who just cant....
BVIslanders who see a race coming together and creating gated communities and dont have the chance because of the colour of their skin
Regardless of your situation YOU have a chance now make it count!
Now is your chance