“The impact of the Government Housing Loan Board is extensive…” – Felix Thomas
President of the Government Housing Loans Board, Mr Felix Thomas has described the impact of the board on the lives of Dominicans as extensive.
Mr Thomas said that while the board caters to the needs of public servants, they have prompted other financial institutions to provide mortgages at reduced rates to Dominicans.
This, he believes speaks volume for the board, as it promotes their goal in sheltering families in Dominica.
“We have been able to introduce interest rates at 7.25% and 4%. Public Officers are not the only ones who benefit as a result, there is of course a domino effect where our financial institutions as well are coming on board and reducing interest as well. We are not in the mortgage financing business for profit but we see it as an overall benefit to the general Dominican public who want to build homes,” said Thomas.
Mr Thomas said that the need for such a board evolved in the mid 1960s and they are proud to be still extending this service to Dominicans today.
“Institutions at that time had high rates and the public servants at the time, back in the 1980s received very low salaries compared to those in the private sector, so the government had established this board by an act known as the Government Housing Loans Board Act, to ensure that public officers had a means whereby they could obtain loans for building homes,” said Thomas.