Reforms in housing takes another step forward as the new Housing Finance Company Ltd (HFC) gears itself to start operations.

In line with the new housing policy announced by the Ministry of Land Use and Habitat, this new company, which will be based on the first floor of Victoria House, will process loan applications which will then be disbursed by the commercial banks.

According to a communiqué from the ministry, the HFC will start operations this month by processing new loan applications as of September 15, 2003 which are pending disbursement.

These files are being transferred from the Seychelles Housing Development Corporation (SHDC) and the clients will be contacted by HFC for follow up.

In due course, the communiqué says, the loan portfolio of SHDC will move on to HFC.

The Home Ownership Bureau, currently located at Unity House, will be reorganised and moved to HFC, the communiqué says, adding that the current Home Ownership programme will continue under the administration of the HFC. 

Meanwhile the Board of Directors of the new HFC has been appointed, with Mr Joel Morgan as chairman, Mr Nandakumar Nair as managing director, Mr Ronald Cafrine and Ms Caroline Abel as directors.

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