– as over 700 more lots are allotted in Berbice
By Whitney Persaud
Potential homeowners on Monday were reminded that with the implementation of the Mortgage Interest Relief (MIR) initiative, first-time homeowners paying interest on a housing loan of up to Gy$30 million from a commercial bank will be exempt from personal income tax.
Central Housing and Planning Authority (CH&PA) Chief Executive Officer (CEO) Myrna Pitt reiterated this point during a One Stop Shop in Port Mourant, Berbice.
The event, which was hosted at the community centre ground in the area, was the third of nine such events that will take place during the period of September to December this year. Seven hundred and seventy-five lots were allotted at the ‘One Stop Shop’.
Pitt said the event enables citizens to realise the dream of owning their own homes at the Kilcoy Chesney Housing Scheme, which will benefit 38,000 persons in total.
The CEO told the gathering that from a dollar and cents perspective, owning one’s home is a good thing. She said the new MIR idea is also a plus for them.
Most important
“The longest journey begins with a single step; however, the journey of home ownership is the single most important in one’s life,” she stressed. According to Pitt, the Guyana Revenue Authority (GRA) has already begun to publish notices for the public’s consumption, outlining the process for MIR.
“You can kiss your landlords goodbye… owning your own home means you can do as you please and at the same time, add value to your home… as far as finances are concerned we have the institutions here to assist,” Pitt said.
She urged the potential homeowners to be alert and keep in tune with the GRA’s notices on the MIR, so that the process could be much simpler for them.
According to Pitt, Finance Minister Dr Ashni Singh had signed and sent for publication in the Official Gazette, the Income Tax (MIR) Regulations 2013.
She noted that this new move signals the establishment of the regulatory foundation for MIR to be granted pursuant to the introduction of this measure.
Pitt recalled that when Dr Singh made the MIR announcement during the Budget 2013 presentation, the minister situated the new measure within the context of the outstanding success of the government’s housing programme.
Success story
In his address at the One Stop Shop, Region Six Chairman David Armogan expressed satisfaction at the country’s housing drive. He too urged first time homeowners to become familiar with the MIR system. Armogan added that since the Housing Ministry kick-started its One Stop Shop initiative, Berbice has seen a whopping 17,000 lots developed.
“The housing drive is one of the success stories, or perhaps the biggest since the PPP/C [People’s Progressive Party/Civic] is in government and so much so that the Caribbean is looking to adopt Guyana’s model houses to be built in the region,” Armogan stated.
He recalled St Vincent’s Prime Minister, Dr Ralph Gonzalves’ visit to Guyana and his appreciation of the massive housing drive being undertaken in the country.
“Government has recognised the importance of every Guyanese owning their own home… whether you are a teacher, working in the cane fields or a nurse – today you have the opportunity of owning your own home.”
Armogan said necessary steps have been taken to fast-track the rate at which homeowners receive their land titles and transports.
“Today, we are removing the obstacles and we are making it much easier for all the people to own their own home,” he added.
