The Housing Authority of Fiji secured loans amounting to $148 million from 2018 to June 2024 to develop land and residential lots in the Central, Western, and Northern divisions.
In 2018, the authority received a $150 million guarantee for use over a five-year period from 2019 to 2024. Of this amount, $148 million was allocated for land acquisition, transforming land into residential lots, mortgage lending for new housing construction, and upgrading or purchasing properties.
Deputy Prime Minister and Finance Minister Prof. Biman Prasad stated that the authority plans to use the $150 million guarantee to deliver 3,183 lots over the period from 2024 to 2028, with a total development cost estimated at $229.08 million.
“The guarantee will also enable the authority to access the Reserve Bank of Fiji’s Housing Facility and maintain the current portfolio of $71.13 million, assisting about 525 customers,” Prof. Prasad informed Parliament last week.
He added that a total of $9.82 million has been approved, assisting 184 customers.
“The $150 million guarantee credit will support the Housing Authority’s policy agenda and ensure they continue to provide affordable lots and houses to those in need.”
Parliament approved the renewal of the government guarantee of $150 million for the authority’s borrowing for another five-year period (July 1, 2024 – June 30, 2029) and to pay a guarantee fee of 0.5 percent on the cumulative utilised guarantee credit.
As of April 30 this year, the Government Guarantee Debt total stood at $1.02 billion (7.7 percent of GDP), and accessing the guarantee will increase total Government guarantee exposure to $1.2 billion (8.9 percent of GDP).
A total of 2,661 lots were delivered from 2005 to 2024 for areas including Waila 3B, Wainibuku, Tacirua, Mokosoi, Field 40 in Lautoka, Namosau in Ba, and Matavolivoli and Tovata.