Government is modifying the cut-price bond scheme it is trying to sell to the business community in a bid to fund affordable houses, The Royal Gazette can reveal.

Housing Minister Nelson Bascome said Government was taking on board ideas from business leaders and will go back to them with amended plans.

Government was criticised by the United Bermuda Party for asking businesses to subsidise the building of 100 homes for poor families by buying Bermuda Housing Corporation (BHC) bonds at a lower rate than the market.

Mr. Bascome said similar schemes were launched in the past and indicated Government would probably have more in the future. BHC general manager Raymonde Dill, Mr. Bascome and other Cabinet ministers have tried to sell the bond scheme to a total of 16 leading institutions at four separate lunches.

Mr. Bascome said: "The Housing Corporation has had a couple of meetings, but they have taken advice from a few businesses who want to see some other types of scenarios.

"There are a number of things they are still working with them on. It is a collaborative effort.

"In looking at the product we do have, they would like to see other things added to it.

"Some are asking for different security arrangements, some are asking for longer terms and some are asking for a better percentage. Once we draw the final package and present it to them, then businesses will be on board.

"I think everyone has to play a part. One local institution wants to provide funding at the regular rate and we want to get a better rate to benefit the population of Bermuda.

"We are taking it to the business community and I have a lot of faith in them.

"I have heard the Opposition complaining about it, saying we should not go to the business community, it's like Government begging. In the past there have been bonds offered. This is not something new. It's not the first time, and its probably not the last time, and people need to be very clear. If we can't put in place the processes that are going to help the citizens of Bermuda, what are we in Government for?'' HOUSING HSG