While the current economic climate has stalled some Government housing initiatives, 21 additional affordable homes have been completed at Loughlands.

Minister of Housing Senator David Burch announced that phase two of the private/public housing project was seven months ahead of schedule, bringing the total to 42 homes completed at the Paget development.

Sen. Burch delivered the good news but added the current financial climate has caused other projects to be stalled or "dead in the water".

Of the seven projects Sen. Burch discussed yesterday one has been cancelled, two have been scaled back and two are still awaiting planning approval. He added that a proposed 10.5 percent budget cut meant some of the projects may not start in the coming fiscal year.

He said: "Everybody has been told to have a close look by the Finance Minister at what is bring planned in the coming year. We will have to pass on some projects and look into them in a year or two."

Speaking of the Loughlands development Sen. Burch said he was excited phase two was completed so early and added: "The Government has committed itself to the provision of homes for Bermudians at prices that the average hard working man and woman can afford. That commitment takes yet another step towards reality today.

"Two and a half years ago in March 2006 we announced the Loughlands project. More than housing, this project represents a genuine economic empowerment. Those young professionals who struggle to understand how their collective household income of $150,000 still cannot afford a home — need look no further.

"Making homes available to first time home owners at prices that are simply unavailable in the ordinary marketplace — represents the "hand-up" that honest, hard-working young Bermudians so desperately need."

He said the Government will pay developer George Lopes $10 million for phase two tomorrow

The agreement between Government and Mr. Lopes has the Ministry paying for the units 21 days after it receives residency certificates, it will recover the funds at the sale of the units, which are priced at $500,000 for a three bedroom home and $450,000 for a two bedroom home.