The Housing Authority of Fiji borrowed up to $148 million from 2018 to June 2024 to develop land and residential lots in the Central, Western, and Northern divisions.
The authority was granted a guarantee cover of $150 million in 2018 for a five-year period from 2019-2024. Of this amount, $148 million was used for land acquisition, the development of land into residential lots, mortgage lending for new housing construction, upgrading renovations, and financing the purchase of properties.
Deputy Prime Minister and Finance Minister Prof Biman Prasad said the authority planned to use the $150 million guarantee to deliver 3,183 lots during the 2024-2028 period, with the total development cost estimated at $229.08 million.
“The guarantee will also allow 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 told Parliament last week.
“Furthermore, a total of $9.82 million has been approved, assisting 184 customers.
“The guarantee credit of $150 million will support the Housing Authority’s policy agenda and ensure they continue to provide affordable lots and houses to those who need it.”
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 utilized 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).
From 2005-2024, 2,661 lots were delivered for Waila 3B, Wainibuku, Tacirua, Mokosoi, Field 40 in Lautoka, Namosau in Ba, and Matavolivoli and Tovata.