RHON­DOR DOWLAT

A plan to split the Hous­ing De­vel­op­ment Cor­po­ra­tion (HDC) in­to three sub­sidiaries was im­ple­ment­ed yes­ter­day with the ap­point­ment of three sub­sidiary com­pa­ny boards.

When he pre­sent­ed the 2022/23 Bud­get in Sep­tem­ber, Fi­nance Min­is­ter Colm Im­bert said there were built-in in­ef­fi­cien­cies in the HDC.

“It is dis­tract­ed by hav­ing to deal with the many de­mands for main­te­nance of rental prop­er­ties and the dif­fi­cul­ties in col­lect­ing mon­ey owed by oc­cu­piers of HDC prop­er­ties, as well as the ur­gent need for new hous­ing con­struc­tion,” he said.

The new struc­ture com­pris­es a hold­ing com­pa­ny with three sub­sidiaries fo­cused on con­struc­tion of hous­ing units; main­te­nance and man­age­ment of ex­ist­ing rental hous­ing units; and a third en­ti­ty that will fo­cus on com­plet­ing the sales of fin­ished hous­ing units.

The in­stru­ments of ap­point­ments were pre­sent­ed to the re­spec­tive chair per­sons and di­rec­tors at a brief cer­e­mo­ny at the HDC’s South Quay head of­fice in Port-of-Spain.

HDC chair­man Noel Gar­cia along with Hous­ing Min­is­ter Camille Robin­son-Reg­is and Min­is­ter in the Min­istry of Hous­ing Adri­an Leonce were on hand to hand out the ap­point­ment let­ters.

Robin­son-Reg­is said, “To­day is in­deed a red let­ter day in the evo­lu­tion of the HDC as we be­gin the jour­ney in earnest to take this or­gan­i­sa­tion to a new height of de­liv­ery and ex­e­cu­tion.”

The sub­sidiaries com­pa­nies of the HDC are TTHDC Con­struc­tion Com­pa­ny Lim­it­ed, which will man­age all el­e­ments of the HDC’s prop­er­ties de­vel­op­ment man­date in­clud­ing land ac­qui­si­tion, ur­ban plan­ning project, con­struc­tion man­age­ment and the pro­vi­sion of fi­nanc­ing so­lu­tions to un­der­take con­struc­tion projects; TTHDC Fa­cil­i­ties Es­tate Man­age­ment Com­pa­ny Lim­it­ed which han­dle prop­er­ty man­age­ment in­clud­ing main­te­nance of rental units, ad­min­is­tra­tion of the man­age­ment com­pa­ny port­fo­lio and part­ner with re­gion­al cor­po­ra­tions and oth­er ex­ter­nal en­ti­ties to up­keep com­mu­ni­ties and pro­mote sus­tain­able de­vel­op­ment.

The TTHDC As­set Man­age­ment Com­pa­ny Lim­it­ed will be re­spon­si­ble for com­plet­ing the sales of fin­ished hous­ing units, con­tin­u­ing the man­age­ment and pro­vi­sion of ad­min­is­tra­tive sup­port for all hous­ing de­vel­op­ments un­der its purview un­til fi­nal han­dover to pur­chasers.