cent Income Tax on income above that level. The changes in the Income Tax Regime have made more disposable income available to individuals and families, thus allowing many middle and low-income persons to own their homes. Over the past five years financial institutions in Grenada have witnessed an increase in the number of mortgage applications received and processed.
Data collected from the Physical Planning Unit in Grenada shows that the number of Building Permits granted has been increasing, reflecting an increase in the demand for homes.
In the Budget for the year ending December 2002, the Government of Grenada gave an undertaking to improve access to housing opportunities for low and middle-income families. Government will be providing incentives to homeowners to refinance existing mortgages. It has also reduced by fifty (50) per cent the rate of stamp duty payable on refinanced mortgages for businesses and the owner-
residence of are intended
to ensure that homeowners are
better positioned to take advantage of falling lending rates.
With regard to building materials that are produced locally, Government has advised residents to discontinue the traditional practice of using beach sand for construction of homes and instead to use land-based sand.
The disadvantages of using beach sand in construction are:-
It contributes to the rapid decay of the concrete;