The previous article continued my Season of Reflection by exposing yet another counterfactual, the myth that the Trinidad and Tobago Housing Development Corporation (HDC) builds affordable housing as required by our Housing Policy (2002) and the HDC Act (2005).
Any basic examination of the facts reveals that the majority of the HDC’s output of new homes are not affordable. I estimated that un-affordable majority as being virtually 80% of the new homes produced for HDC.
The official silence is eloquent and damning. Except that officials are not always silent, so let me share a short social encounter last week with a high-ranking housing official. That official took the astonishing step of telling me that I did not know what I was writing about and that even the information I was relying on was incorrect. When I pointed out that my work is all based on the HDC’s data, checked and supplied by its authorised officers, the conversation took an even more bizarre turn, well beyond the scope of this article. Continue reading “Property Matters – Affordability and Legality part two”→
“…There are a lot of things that did not go right in the NHA and one of those things had to do with accountability…The HDC is not going to function like that. We are required by law to have the accounts ready in a certain period of time. The CEO will be held accountable and the Cabinet will hold the minister accountable and the Parliament will hold the Cabinet accountable. That is what the HDC means…”
This week I am shifting focus from the ‘Affordability Hoax‘ to the financial aspect of our country’s large-scale public housing program as conducted by the HDC. I am therefore ignoring other agencies such as the Land Settlement Agency and other types of State funding or tax allowances such as mortgage relief etc.
S.18 – to keep the HDC’s books and accounts in accordance with proper accounting standards;
S.19 – HDC’s accounts to be audited annually to proper accounting standards, with that audit report submitted to the Minister and the Board;
S.20 – HDC’s Board to submit its Annual Report to the Minister within three months of the end of the financial year and the Minister to publish that Report to Parliament within three months of its receipt.