Two more homeowners received keys to their new homes under the Housing Development Loan Program (HDLP), a $15 million housing soft loan project to address Palau’s housing crisis. Yesterday Chief Rdechor Isimang Bandarii and Alvina Dachelbai, each received keys to their new homes from Minister Baklai Temengil-Chilton of the National Housing Commission and Frida Delmau, Managing Director of Palau Housing Authority.
Both new homeowners qualified for financing under HDLP through Palau Housing Authority. Each of the houses, 2-bedroom with bath and water catchment for water security, costs up to $60,000. Under the current law RPPL 10-36, the home that qualifies as energy efficient home also receives $10,000 waiver which means that each of the houses cost will be reduced by $10,000 dollars.
Minister Temengil said they are aiming to reach 100 homes by June. So far 56 applications have been approved and in various stages of construction. There are applications undergoing the process of approval.
It was also reported that a $3 million dollar grant for solar panels to homes have been approved and is now being processed to be part of the housing program.
President Remengesau said that the water catchment and solar panels for homes will be incorporated into housing program to ensure water security in times of droughts as well as provide new homeowners with means to save on energy costs.
Minister of Finance Elbuchel Sadang said that the grant is part of the declared policy to increase Palau’s use of clean energy to 45% by year 2024. He added that they are working to incorporate the project into the housing program but they will also look at the possibility of extending to existing homes.
HDLP housing loans are administered through Palau Housing Authority and the National Development Bank of Palau.