You might call it Christmas in September, but in the 7 years that Dean Barrow has been Prime Minister, his Independence Day Address has become known for its giveaways -from lower light rates to increases in internet speeds. Well, this year he promised that for both Internet and electricity rates, but the headline item was a novel initiative: the PM says he'll pay your housing mortgage in December if the original value was less than a hundred thousand. He called it middle class relief.
Prime Minister Dean Barrow
"This year, in keeping with the emphasis on the middle class, I announce that Government will meet the interest payment for the month of December 2014 on all home mortgages in the country with an original value of up to 100 thousand dollars. Thus every borrower in Belize with a housing loan at the National Bank, all the commercial banks, the DFC, Social Security and all Credit Unions, will be helped. Preliminary estimates show 1,602 such borrowers at the commercial banks; 4,833 at the credit unions; around 700 at the DFC; about 70 at SSB; and 200 at the National Bank. Altogether, then, at least 7405 mortgagors will be assisted in this way."
7,405 mortgagors will receive assistance, at a cost of over 3 million dollars.
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