Finance Minister Colm Imbert has said the Housing Development Corporation (HDC) will be split into three entities, which he said would enable it to function more efficiently.
Speaking during the 2023 budget presentation, he said the structure envisaged for the HDC was a holding company with three subsidiaries.
“The TT HDC Construction Company will manage all elements of property development, including land acquisition, urban planning, project and construction management, and the provision of financing solutions to undertake construction projects.
"The TT HDC Facilities Management Company Ltd will focus on property management, including property maintenance of rental housing units, the maintenance of the management company portfolio, and partnering with regional corporations and other external entities to upkeep communities to promote sustainable community development.
“The TT HDC Asset Management Company Ltd will complete the sales of the finished housing units and will continue to manage and provide administrative support for housing development under its purview until handed over to purchasers.
As a result, he said, "We anticipate that the HDC as reorganised will now have greater financial flexibility, greater efficiency, better focus and the ability to quickly monetise housing assets which cannot be easily completed in their present form.”
He said three loans totalling $1.5 billion were being arranged for use by the HDC, including $500 million for stalled projects, $500 million to pay outstanding arrears to contractors, and $500 million for constructing new housing projects.
