The development in Port Moresby comes under the country’s First Home Buyers Scheme, giving members of the police force the opportunity to obtain loans to purchase the homes.
The heads of agreement signed today included the National Housing Corporation, the Police Association, Millscope LLC, and the Bank of South Pacific.
Present at the signing was Housing Minister, Paul Isikiel, Acting Deputy Police Commissioner, Raphael Huafolo, Police Association National President, Lowa Tambua, Millscope LLC Chairman, Steve Miller, National Housing Corporation Managing Director, and Bank of South Pacific representatives.
Minster Isikiel said today was a milestone for the police force and he was proud to have been a part of the discussions in making this a reality
The Minster said housing was a major issue in the country and the agreement would have a profound impact for the police force.
The development will be carried out by Millscope LLC.
Chairman, Steve Miller, thanked those that have assisted in making the agreement come true and said they are ready to continue this partnership in the long term.
Under the agreement police personal wishing to purchase a home will be able to access funds from BSP without having to have 10 per cent equity contribution.
This is only applicable if the home buyer has a legitimate land title which as been given by the developer after they have mapped out the place.
For near retiring police officers, the Bank will accept loan payments made on behalf of the retiring officer by his or her children who are working.
The signing of the housing scheme comes days after family members of the Gordons Police Barracks closed off the barracks entrance due to unhygienic living conditions at the Barracks.