Honourable guests, distinguished colleagues, esteemed Partners, and members of our beloved community, good morning.
It is with a profound sense of purpose that I address you today at the second annual Turks and Caicos Islands Business Outlook. Today’s event reflects our shared commitment to fostering an environment where sustainable, inclusive growth is more than an aspiration but a tangible reality rooted in innovation, resilience, and social equity.
Our theme, “Prioritizing Inclusive, Sustainable Growth” is both timely and essential as we navigate the complex challenges and opportunities that define our islands’ development trajectory. Vital to this pursuit is our focus on developing sustainable solutions for affordable housing, which I will explore in depth today.
A fundamental truth shared from Jeremiah 29:11: “For I know the plans I have for you, declares the Lord, plans to prosper you and not to harm you, plans to give you a hope and a future.” I’m reminded by this scripture that prosperity and hope are central to God’s divine plan for our nation. It is our moral obligation to ensure that all our people can realize this promise, beginning with adequate shelter.
The Imperative for Affordable Housing in TCI: Let us begin by framing the significance of this issue. For far too long, the lack of affordable, quality housing has constrained our social fabric and economic vitality. It impairs workforce stability, limits opportunities for upward mobility, and impedes our ability to attract investment and talent.
In the context of the Turks and Caicos Islands, where our natural beauty and climate are both our greatest assets and our greatest challenges, the need for resilient, environmentally responsible housing solutions is paramount. Affordable housing is both a social imperative and an economic necessity. Rising land prices, increasing demand, climate vulnerabilities, and limited land availability compel us to re-imagine how we approach housing development.
The Turks and Caicos Islands National Housing Policy is a Landmark Framework. In 2023, we took a decisive step forward with the launch of this Policy, a comprehensive, forward-looking blueprint designed to address these challenges holistically.
A vision realized as outlined in the Citizens’ Contract 2.0, where we committed to delivering on an ambitious agenda to turbocharge the delivery of affordable and social housing.
This policy is informed by rigorous research, community consultation, and a deep understanding of our unique development context. It emphasizes three core pillars:
1. Inclusivity: Guaranteeing equitable access to housing, ensuring individuals from all backgrounds, abilities, and income levels can afford safe, affordable, and dignified living.
2. Sustainability: Incorporating environmentally sustainable construction practices, climate resilience, and responsible land use.
3. Innovation and Partnership: Fostering public-private collaborations, leveraging technology, and mobilizing resources efficiently.
This policy aligns with our national development goals and reflects our commitment to building a society where no one is left behind.
The Housing Policy is anchored in clear strategic objectives, including:
Affordable Housing Supply: Increasing the stock of affordable units through targeted incentives and land development initiatives.
Environmental and Climate Resilience: Ensuring all new housing complies with climate-smart standards—an imperative given our vulnerability to hurricanes, rising sea levels, and extreme weather events.
Capacity Building: Strengthening our institutional frameworks and human resources to plan, develop, and sustain housing solutions effectively. Central to this is the implementation of a Mortgage Corporation by this administration. At present, the Mortgage Corporation will serve as a facilitator, working to streamline processes, provide technical support, and help lay the groundwork for expanded homeownership opportunities. The long-term vision for the corporation includes becoming a key player in delivering affordable financing, developing innovative mortgage products, and building capacity within the housing sector. Our goal is to eventually see the Mortgage Corporation act as a catalyst for sustainable housing development, but for now, it’s about setting the stage and enabling progress.
Financial Accessibility: Developing innovative financing models, such as low-interest loans, grants, and subsidies tailored to different income groups. We will actively engage with our banking partners to develop a product that offers low mortgage rates for persons with low to moderate incomes. (Bankers might be the best partners for a long-term relationship; they know how to stay committed for the long haul.) Rest assured, the government is committed to facilitating this need, working closely with financial institutions to make home ownership more accessible.
Community Engagement and Empowerment: Promoting hands-on planning processes that involve local communities in decision-making, ensuring that solutions are culturally appropriate and socially acceptable.
Looking ahead, our administration is committed to expanding upon these foundations with a suite of targeted programs:
Land Allocation and Development: We are identifying and preparing parcels of land specifically for affordable housing projects, with an emphasis on environmentally sensitive development and climate resilience.
Public-Private Partnerships (PPPs): We recognize that sustainable housing development requires collaboration across sectors. We are actively engaging with developers, financial institutions, and civil society to unlock innovative solutions and investment.
Smart Housing Technologies: We are exploring the integration of sustainable building materials, green infrastructure, and energy-efficient systems to reduce long-term costs and environmental footprints.
Capacity and Skills Development: We will invest in training programs for local builders, architects, and planners, ensuring that our workforce is equipped to deliver quality and sustainable housing.
Monitoring and Evaluation: Establishing robust metrics and feedback mechanisms to assess progress, adapt strategies, and ensure accountability in our housing initiatives.
Understand the Role of Community and Stakeholders- A successful housing strategy hinges on active community involvement. We must foster a culture of collaboration, transparency, and shared responsibility here in the Turks and Caicos Islands. Our citizens’ voices must guide our planning, ensuring that solutions are tailored to local needs and aspirations.
Furthermore, the private sector’s participation is vital. By incentivizing sustainable development and responsible land use, we can catalyze investments that will benefit our people and our environment.
The Broader Vision for these islands is Sustainable, Resilient, Inclusive Communities. Imagine a Turks and Caicos where every family has access to safe, affordable, and environmentally responsible housing; where communities are resilient to climate impacts, and where economic growth is inclusive and sustainable.
This vision aligns with our broader national goals: to foster economic diversification, improve social equity, and protect our natural heritage. After all, this government exists to improve the lives of the people we serve and to build a better future for generations to come.
And now, it is a Call to Action- Ladies and gentlemen, the road ahead will require dedication, innovation, and collective effort. We must harness our resources, leverage partnerships, and remain steadfast in our commitment to developing sustainable housing solutions.
I call upon all stakeholders, government agencies, the private sector, civil society, and our citizens, and of course, a clarion call to the banks to join us in this vital endeavour. Let us work together to ensure that our islands not only remain a paradise but also evolve into a model of sustainable, inclusive living.
I reaffirm our government’s dedication to this cause. The Turks and Caicos Islands National Housing Policy is a promise to build a future where affordable, resilient, and sustainable housing is accessible to all.
As we advance, let us remember that housing is a fundamental right to human dignity, social stability, and economic prosperity. With vision, collaboration, and perseverance, we will realize this vision and secure a brighter future for generations to come.
Thank you for your attention, your partnership, and your shared commitment to the sustainable growth of our beloved Turks and Caicos Islands.
God bless you, and God bless our islands.
