The first article in this series set out the background to these proposed bonds and the implications of the HDC’s perennial problem with bad property titles. The second drew parallels between these proposals and the roots of the 2008 Wall Street crash, with some references to Jamaica’s National Housing Trust and its contribution system as an alternative for financing affordable housing. This week I conclude by delving into the heart of the matter, the HDC’s finances and its performance in terms of its existing bond portfolio.
One of my persistent complaints against many of our State Agencies, including the HDC, is the long-term failure or refusal to publish proper audited accounts as required by laws and regulations. I am pleased to report that my requests for NHA/HDC financial statements from 2003 to 2018 were satisfied in April this year. Once again, I thank the exemplary officers at the HDC for their assistance. Even if this time I had to engage my attorney to send HDC a pre-action protocol letter before the financial statements were released and what is more, they have not refunded my legal fees.
Those financial statements are for the NHA from 2003 to 2005 and the HDC after 2005. This article is focused on these proposed bonds so the first point to raise is the status of those financial statements. Continue reading “Property Matters – HDC Housing Bonds Part Three”