Unclaimed NHT money to fund projects

CHILDREN'S HOMES, golden age homes as well as police stations across the island are set to benefit from a new multimillion-dollar foundation, which is to be established within the National Housing Trust (NHT).

The foundation will be funded by 50 per cent of unclaimed NHT refunds, Prime Minister Bruce Golding said during his contribution to the 2011-2012 Budget Debate in the House of Representatives yesterday.

"In commemoration of its 35th anniversary, the board of the NHT has decided to do something special for the nation and has identified the resources that can be used to do it," Golding told parliamentarians.

According to Golding, golden age homes and infirmaries will be improved through physical upgrading and the provision of training for staff.

He said similar improvements are to be carried out in children's homes. The improvement efforts will also include the provision of equipment, training and support services.

The prime minister said the new NHT foundation will also finance improvement to the living quarters provided at police stations.

Golding said a total of $25 million each year has been set aside in the foundation to assist sporting luminaries who have brought the nation pride at the international level, but who are faced with challenges in their later years.

Noting that beneficiaries are entitled to have their contributions refunded after seven years, Golding said that while most of them submit their claims and receive their refunds, a significant sum remains unclaimed for periods in excess of 10 years.

"From experience, they are unlikely to be reclaimed," said Golding.

He said approximately $1.2 billion has been unclaimed for more than 10 years.

"The foundation will, therefore, have immediately available up to $600 million," Golding said.