The government is seeking to secure a $100 million housing bond as part of an ambitious plan to dramatically increase home construction and address growing demand for affordable housing across Antigua and Barbuda.
Prime Minister Gaston Browne disclosed the initiative during his weekly Browne and Browne Show radio programme on Saturday, saying the financing would help the government move closer to its goal of constructing up to 500 homes annually over the next decade.
Browne said the government has been engaged in discussions with FCIB regarding the proposed bond issue, which he described as a critical component of efforts to expand housing development nationwide.
“Cash is also an issue, so we met with them, FCIB. And we’re trying to float a bond for $100 million, a housing bond. They’re looking at it seriously, and we’re hoping that they will give favorable consideration,” Browne said.
The Prime Minister said while the government has made significant progress through projects such as Booby Alley and other developments, the pace of construction remains constrained by both financing and labour shortages.
“What we’re trying to do is to scale up to about 500 homes a year,” Browne said, noting that the National Housing Development and Urban Renewal Company has been instructed to recruit additional workers to support the expansion. “We just don’t have enough workers.”
According to Browne, the proposed bond financing would allow the government to increase annual housing output to between 300 and 400 homes in the near term while working toward the longer-term target of 500 homes each year.
“We want to get up to about 500 homes a year. In the next 10 years, we must deliver no less than 5,000 homes to the people,” he said.
The Prime Minister argued that meeting that target would have a transformative impact on living standards and social mobility.
“If you provide 5,000 homes, on average about three persons per home, we are literally transitioning about 15,000 people into middle-income housing,” Browne said.
The comments come as the government continues to expand its housing programme through a combination of condominium developments, low-income housing projects and rent-to-own initiatives aimed at increasing home ownership opportunities.
Browne also revealed that demand for housing remains exceptionally strong, with approximately 7,500 applications currently on file.
“We have about 7,500 applications,” he said, adding that demand continues to grow even as new units are delivered. “As soon as we deliver a few hundred, a few more come back on.”
The Prime Minister said the sustained demand demonstrates the need for an aggressive housing construction programme and supports the government’s confidence that thousands of additional homes can be built and occupied in the years ahead.
“We know for a fact that we can build up to about 7,000 homes and there is a demand for all of it,” Browne said.
The proposed housing bond forms part of a broader government strategy to expand access to affordable housing, reduce overcrowding, and help more families transition into home ownership while stimulating economic activity in the construction sector.