Some teachers can get up to $12M for their mortgages through revolving fund
Teachers who are first-time homeowners will be able to access up to $12 million from a revolving fund set up by the Ministry of Education; the funds can be used to aid with their mortgages.
This was announced by Education Specialist at the Ministry of Education, Olato Sam on Wednesday. Sam was speaking at the launch of the Teachers’ and Welfare Support Programme at the Arthur Chung Conference Centre at Liliendaal, Greater Georgetown.
There, teachers were introduced to the menu of benefits they are expected to receive since more than 150 business entities signed up to provide some discounts, vouchers or relief to teachers in all regions of Guyana.
Some of these benefits include discounts on travel in Guyana by plane or buses, vouchers for clothing and footwear businesses and health insurance packages for teachers and their children. It is expected that more businesses will join the programme.
Importantly, however, Sam also announced: “… teachers who are first time home owners can access from $2 million to $12 million for their mortgages.”
This, he said, will be done through a revolving fund. Essentially, a revolving fund is one that is continuously replenished as withdrawals are made. Sam did not provide additional details on the fund.
Later, Minister of Education Priya Manickchand explained that this revolving fund is separate from the teachers’ housing fund, which was established to allow teachers of the Guyana Teachers’ Union (GTU) to access interest-free loans to build their homes.
Currently, that housing fund stands at about $200 million. But, Manickchand said that the funds are “parked in an account” because the teachers’ union has not been able to find an agency to manage the funds.
It was reported previously that the union was experiencing challenges with the administration of the fund.