Cost of an HDC house......need price for econ presentation. URGENT!!!!!

[Trinispougla]

Very URGENT!!!!!

[rspann]

Free ,

[matix]

Spann

[10-01]

Free ,

[The Paleontologist]

Lmfao!! *dead*

[eliteauto]

Units range from $400K-$800K normally. There are also units over $1.3M

[pugboy]

depends on who got the bobol contract to build and if the land was bought at super inflated prices

[De Dragon]

If yuh bulling Marlene, it free..............

[Lance]

Units range from $400K-$800K normally. There are also units over $1.3M

I could never understand why the HDC, charged with building homes for the masses would embark on the construction on homes with a unit cost of 1.3M.

Clearly these homes are not designed for persons seeking "critical housing assistance" . What the HDC was created for (according to their website).

[10-01]

If yuh bulling Marlene, it free..............

[PapaC]

Units range from $400K-$800K normally. There are also units over $1.3M

I could never understand why the HDC, charged with building homes for the masses would embark on the construction on homes with a unit cost of 1.3M.

Clearly these homes are not designed for persons seeking "critical housing assistance" . What the HDC was created for (according to their website).

Any business would have to adapt to the changes in the markets they operate in. HDC "shouldn't" be any different.

[Redman]

Especially when those changes...negotiated as up front fees.

Like the inflated land deal is an isolated administrative error.

[Lance]

Units range from $400K-$800K normally. There are also units over $1.3M

I could never understand why the HDC, charged with building homes for the masses would embark on the construction on homes with a unit cost of 1.3M.

Clearly these homes are not designed for persons seeking "critical housing assistance" . What the HDC was created for (according to their website).

Any business would have to adapt to the changes in the markets they operate in. HDC "shouldn't" be any different.

Business?

Not sure how you can consider a governmental agency a business. Even so, in the broader sense, the HDC doesn't make a profit on the sale of its units. Again, how can it be considered a business?

So it's logical to use public funds to construct homes that cost 1.5m, and then sell it to people that can afford a 1.5m mortgage? While claiming to be addressing "critical housing assistance".

That's the definition of wealth transfer.

[Infamous]

Units range from $400K-$800K normally. There are also units over $1.3M

I could never understand why the HDC, charged with building homes for the masses would embark on the construction on homes with a unit cost of 1.3M.

Clearly these homes are not designed for persons seeking "critical housing assistance" . What the HDC was created for (according to their website).

Any business would have to adapt to the changes in the markets they operate in. HDC "shouldn't" be any different.

Business?

Not sure how you can consider a governmental agency a business. Even so, in the broader sense, the HDC doesn't make a profit on the sale of its units. Again, how can it be considered a business?

So it's logical to use public funds to construct homes that cost 1.5m, and then sell it to people that can afford a 1.5m mortgage? While claiming to be addressing "critical housing assistance".

That's the definition of wealth transfer.

If the joint income limit is $25,000, then the mortgage can reach over $1.3M.

http://www.guardian.co.tt/news/2015-11-19/hdc-was-not-following-law

Not saying they should be building such houses but once the value of the property matches the maximum mortgage value of the income limit, then it can be "justified".

[gastly369]

If yuh bulling Marlene, it free..............

After freeness is...

[RedVEVO]

If yuh bulling Marlene, it free..............

What a price to pay ..

Now I cannot continue with this 3 meat treat pizza from Ceasar's Pizza

HDC in Central ( near South VEMCO ) $300K-$500K cost .

[matix]

If yuh bulling Marlene, it free..............

I still ain't get a house

[RedVEVO]

If yuh bulling Marlene, it free..............

I still ain't get a house

This made the big wolf perfectly furious . But he couldn´t blow down that little she is a brink house.
He decided to climb and get in through the chimney.

[PapaC]

Units range from $400K-$800K normally. There are also units over $1.3M

I could never understand why the HDC, charged with building homes for the masses would embark on the construction on homes with a unit cost of 1.3M.

Clearly these homes are not designed for persons seeking "critical housing assistance" . What the HDC was created for (according to their website).

Any business would have to adapt to the changes in the markets they operate in. HDC "shouldn't" be any different.

Business?

Not sure how you can consider a governmental agency a business. Even so, in the broader sense, the HDC doesn't make a profit on the sale of its units. Again, how can it be considered a business?

So it's logical to use public funds to construct homes that cost 1.5m, and then sell it to people that can afford a 1.5m mortgage? While claiming to be addressing "critical housing assistance".

That's the definition of wealth transfer.

Agreed, i used the term business loosely.

But it would benefit us more if these government agencies, state boards and statutory bodies were run as businesses. With a goal for efficiency and value for money.

[RedVEVO]

^^^^

Unit cost is not $1.3 M

Gov't again with fake news .

[Trinispougla]

Thanks guys. Unfortunately my pc crashed and everything is lost so I have to start over from scratch

[eliteauto]

^^^^

Unit cost is not $1.3 M

Gov't again with fake news .

You clearly don't know what you're talking about.

Lance the units that sell at the upper end weren't originally intended to be sold at that price. HDC units were always subsidised, the last government changed the scope of development building much better developments with the intention to grow better communities, they were a step up from the last units done by the PNM pre 2010. However the current government with the cash crunch has decided that certain units with high construction costs will be sold at market value. The best example is Victoria Keyes in Diego Martin

[10-01]

^^^^

Unit cost is not $1.3 M

Gov't again with fake news .

You clearly don't know what you're talking about.

Lance the units that sell at the upper end weren't originally intended to be sold at that price. HDC units were always subsidised, the last government changed the scope of development building much better developments with the intention to grow better communities, they were a step up from the last units done by the PNM pre 2010. However the current government with the cash crunch has decided that certain units with high construction costs will be sold at market value. The best example is Victoria Keyes in Diego Martin

read this in the news paper ... ..

[Lance]

The HDC is just another one of those mechanisms to siphon economic rents (no pun).

It replaced the NHA back in 2005 and has NEVER published its audited accounts. The HDC act actually requires the housing minister to publish audited accounts every 6 months. So governments past and present have actually been breaking the law.

I would really take this "decision" to sell houses at market value with a huge pinch of salt. After all, we only have the word of politicians that this is what will be done.

[RedVEVO]

^^^^

Unit cost is not $1.3 M

Gov't again with fake news .

You clearly don't know what you're talking about.

Lance the units that sell at the upper end weren't originally intended to be sold at that price. HDC units were always subsidised, the last government changed the scope of development building much better developments with the intention to grow better communities, they were a step up from the last units done by the PNM pre 2010. However the current government with the cash crunch has decided that certain units with high construction costs will be sold at market value. The best example is Victoria Keyes in Diego Martin

Again the unit cost is not $1.3 M

Do not believe this absurdity . From Imbert ?

The HDC houses in Central $300K to $500K cost.

[ismithx]

it may 'cost' 1.3M, but that may be because of greedy contractors etc. Probably because Gov't paying for the construction.

[RedVEVO]

it may 'cost' 1.3M, but that may be because of greedy contractors etc. Probably because Gov't paying for the construction.

Anybody who builds houses knows $1.3 M can build a super mansion - not no cheap HDC House -
that is if you know what you doing etc.

[eliteauto]

1.3M = super mansion?

Tell us more

[Redman]

it may 'cost' 1.3M, but that may be because of greedy contractors etc. Probably because Gov't paying for the construction.

Anybody who builds houses knows $1.3 M can build a super mansion - not no cheap HDC House -
that is if you know what you doing etc.

you understand that what you get and what you pay are at best loosely connected?

Normally it more of a suggestive indicator

[rspann]

Elite auto is correct with his info. As a matter of fact some of them were more,a lot more. The reason for this was because Victoria Keyes is a high rise building so the cost was very high. The higher apartments were very costly. Then the previous minister sanctioned upgrades so the cost went up higher due to the high end finishes. Rowley refused to give them out at below the cost ,this is why they were sold on the open market.

By JANELLE DE SOUZA
November 22 2015 – newsday.co.tt

The Housing Development Corporation (HDC) will no longer build high-end housing units.

Instead, any future construction would be of more affordable units that meet the needs of the majority of applicants.

Prime Minister Dr Keith Rowley made the statement at the new Chaconia Crescent development, Four Roads, Diego Martin, yesterday during his feature address at the distribution ceremony of 120 keys for units at Chaconia Crescent as well as for Greenvale Park in La Horquetta.

He questioned whether the State could afford to give lower and middle- income persons multi-million dollar units that they could not afford.

“Is that what you expect of the national housing programme? Is it your dream house of $4 million if you are a professional? Well the answer is that the taxpayers of Trinidad and Tobago cannot afford to provide to people who are looking for affordable housing, multi-million dollar homes,” he stated.

Rowley said an example of these expensive units was the Victoria Keys development in Diego Martin.

He noted a valuation stated that the cheapest unit was worth $1.6 million, while the top units were valued at $4.5 million.

He said since the mortgage or rent would be out of reach for the average individual, he asked Housing Minister Marlene Mc Donald to send a note to Cabinet for the most expensive units to be sold on the open market. Government, he said, would take a few for its use instead of paying rent to private individuals, and the rest would be made available for rent-to-own through the National Housing Programme to those who could afford it.

“I was advised that an additional $270 million was spent on those units. If you spend that kind of money on public sector units, what would we say to the taxpayers who paid the bill? So there will be no more of that. There will be no more three and four million dollar units being built by the HDC,” he said.

Rowley went on to say that the housing programme was not in the Constitution so no one had a right to receive a home from the government.

Instead he said persons had the right to access housing made available according to their needs as they are capable of contributing to the cost of the unit.

He stressed that Government did not have the ability or resources to build homes for everyone who needs one. He said even if Government provided 8,000 per year, the HDC would not be able to satisfy the needs of the 200,000 applicants with more applications coming in every day.

However, he made the point that, although there was a money shortage in the public sector, it was not so in the private sector. “Our banks are awash with cash and one of the best places to put that cash is in a national housing programme,” he said. Therefore, Government intends to take steps to encourage and engage the private sector to do more, offering incentives, so that housing construction would be funded by persons willing to pay a reasonable mortgage instead of the Treasury.

Rowley noted that private development costs would include the land, construction, and then market value.

However, with the housing policy subsidy, taxpayers absorb these costs. “We can’t do that as a sustainable policy. We need to change the policy so that the government does not put out that money (to build) and then have to carry that subsidy,” he said.

Noting that the units at Chaconia Crescent cost about $1 million but were being made available at $650,000, Rowley said more and more people were “coming after” the subsidy. “What prevents a person with $40,000 per month from buying (a home) in the private sector if the private sector house is available? And why is it that a person earning $8,000, $9,000 per month would have to compete with a person earning $40,000 per month for subsidised housing?” he asked.

“What happens in Trinidad and Tobago is that dotishness ascends above common sense… We can have a comprehensive national housing programme where… the government gets involved, the private sector entrepreneurs get involved, the private sector land owners get involved, the banks get involved and at the end of the day, the national effort will see to satisfying the needs of all those who aspire to owning a home,” he continued. He said Government would initially focus on completing unfinished developments before moving on to constructing new developments.

This new HDC directive is the second major housing policy shift disclosed this week by Government which has also announced a cut the income ceiling for applicants from $45,000 a month to $25,000.

Source: http://www.newsday.co.tt/news/0,220241.html

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