The Central Bank of Barbados hereby announces that on February 1, 2004, it assumed responsibility for the management of the Housing Credit Fund (HCF), previously administered by the Ministry of Housing, Lands and the Environment.
The HCF operates as a second tier mortgage market wholesaler and provides funds to financial institutions which in turn on-lend to individual borrowers. The Fund commenced operations in 1982 with initial funding of Bds$20.0 million, the proceeds of a U.S. dollar loan raised by the Government of Barbados. The Fund’s portfolio is currently valued at over Bds$100 million.
The principal objectives of the HCF continue to be:
- To help to alleviate the overall shortage of housing in Barbados
- To improve significantly the existing housing stock
- To shift the initiative for housing towards the private sector and
- To broaden the ownership base of housing in Barbados.