June 2018c

56 57 properties.” Currently, the NHDT has 110 afford- able new houses, located across five housing sites, or districts. The early days of the NHDT were not trou- ble-free, as the first set of Affordable Houses were severely affected by damage caused by Hurricane Ivan in 2014. In light of this, the NHDT revisited its approach and policies in building houses that are conducive to our environment. “At that point in time, 120 houses were built,” Ramos recounts. “The NHDT was then faced with demolishing houses that were severely damaged and, once again, rebuilding.” We rebuilt 94 between 2010 and 2013. So, we built a total of 220 houses between 2004 and now.” The company recently began the con- struction of 16 new houses and has plans to construct an additional 20, in the near future. THE NATIONAL HOUSING DEVELOPMENT TRUST In 2008, the NHDT expanded its offerings with the Government Guaranteed Home Assist- ed Mortgage (GGHAM) program, with the intent to help middle-income earners buy homes. “The NHDT performs the duties as an administrator and loan processing agent on behalf of the Cayman Islands Government with the local par- ticipating banks,” Ramos explains. “The program entails an agreement whereby the government will provide a guarantee for the individual in place of their deposit. We assisted 325 indi- viduals in the middle class to get their houses between 2008 and 2012. So, that program is one of the most successful that we’ve seen.” Currently, the GGHAM program is being re-ini- tiated for another five years, with the Cayman government guaranteeing up to 35 percent of the deposit required to service a mortgage with A statement from the Chairman As a matter of priority of the appointed board of 2013 and with that of the incoming members in 2017 we have concentrated our efforts in mandating homeownership opportunities under its various programs and made the relevant policies to redress past actions. On having to revamp the Operations, the NHDT reduced operational Cost of by approximately $300k in comparison to accumulated figures for the past five years. In reverting to the initial mandate of homeownership under the Affordable Housing Initiative (AHI) pro- gram, we have successfully assigned and sold all of the New Affordable Houses thereby generating ap- proximately CI$6Miilion that is currently used for future project development of low-income homes for Caymanians. The increased house sales and the keen public interest on the housing opportunities are true testaments that the NHDT is on track with its mandate. The Board is also pleased with the NHDT’s ongoing administration of the Government Guarantee Home Assisted Mortgage (GGHAM) program that has been administered efficiently, in that the bottom line liability of the Government Guarantee has been maintained and kept at a minimum default rate that is substantially low when compared to similar loan facilities that are offered by local lending institutions. We are optimistic that with the continued support from the Cayman Islands Government and its current Administration, we can continue to serve and address the housing needs for Caymanians thereby helping them to realize their dream of homeownership. George Anthony Powell Chairman, June 2018