SOCIAL SECURITY REINSTATES JOE’S HILL HOUSING DEVELOPMENT

Social Security Reinstates Joe’s Hill Housing Development

$17M Contract Signed Today with James Todman Construction Ltd.

May 28, 2020, Road Town, Tortola – The Social Security Board of the Virgin Islands inked a $17-million contract with James Todman Construction Ltd., to reinstate the Joe’s Hill Housing Development, which will establish 43 residential units to first-time home owners.

The contract signing took place earlier today at the SSB offices. The Joe’s Hill Development will be the first community to be built as part of SSB’s First-Time Homeowners Initiative. The community will house a total of 25 buildings with 43 residential units on seven acres of land. The type of units varies from one-bedroom, two-bedroom and three-bedroom units, with allocation for commercial space.

The project was initially intended to begin in 2017 but was put on hold due to the Hurricanes Irma and Maria. Hundreds of applications were already received in 2016 and 2017 from interested persons. In the coming months, persons will be notified if they are eligible to move on to the second stage of the application process, that is, providing banking documentation and proof of mortgage eligibility. The homes will be funded from personal mortgages from banks.

SSB Director, Antoinette Skelton told attendees: “This project is a game changer especially for some young persons. “[What we find is that] many can pay monthly payments to the bank, but when it comes to the initial [investment], that 20-percent, that is difficult. Those are the people we are trying to address – first time house owners.”

She continued, “It could not have come at a better time. There are many persons in the Territory who are unemployed due to COVID-19. This project will put $17-million initially into the economy, and that money will have a multiplier effect.”

SSB Chairman, Ian S. Smith said the project is “encouraging the people of the BVI to put down roots”. He said, “The ultimate goal of the [First Time Homeowners] initiative is to afford BVIslanders the opportunity to own their own home. This will lead to the encouragement towards savings, creation of wealth, along with a future generation of homeowners and independent citizens.”

Mr. Smith said the initiative was also done to expand the Board’s investment portfolio, and to ensure the fund’s longevity.

Minister for Natural Resources, Labour and Immigration with responsibility for Social Security, Honourable Vincent Wheatley said, “We are [experiencing a global pandemic] and we know of our unemployment and the difficulties persons are having and we need to inject money into the economy so this is most timely from an economic point of view. Even more importantly, is the need for the Government to empower the people. Forty-three families will have a chance to own a stake in the economy. When you own a stake, you own the country, so I am very pleased.”

Premier and Minister of Finance, Honourable Andrew Fahie said the project is great for the economy, stating, “We are going to create more jobs, we will have more money circulating in our economy.”

Premier Fahie also said that there is no better feeling than being able to own your first home and in so doing, people can restore their pride and dignity in themselves and for their family.

Mr. James Todman gave special thanks to the Social Security Board and Government for putting its trust into the company.

Minister for Transportation, Honourable Kye Rymer, Permanent Secretary in the Ministry of Natural Resources, Labour and Immigration, Dr. Marcia Potter, Proprietor of STO Enterprises and Project Manager, Dion Stoutt, SSB Deputy Director Mrs. Jeanette Scatliffe-Boynes, SSB Deputy Director with responsibility to NHI Mr. Roy Barry, SSB Chief Operating Officer, Mrs. Michelle Todman Smith and Executive Assistant and Commissioner for Oaths Mrs. Karina Del Rosario were also present at today’s contract signing.

The Social Security Board continues to legally contribute to the community to maintain a level of social protection for all residents of the British Virgin Islands.

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NOTES TO EDITOR(S): Photographs and audio clips are attached.

Contracts being signed.
Premier and Minister of Finance, Honourable Andrew Fahie.
Minister for Natural Resources, Labour and Immigration with responsibility to Social Security, Honourable Vincent Wheatley.
SSB Chairman, Ian S. Smith gives his remarks.
SSB Director, Ms. Antoinette Skelton gives her remarks.
Documents being notarised. Chief Operating Officer, Mrs. Michelle Todman Smith and Executive Assistant and Commissioner for Oaths, Mrs. Karina Del Rosario.

Audio Clips