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This Thursday morning, the French Polynesian Parliament, with 56 votes “in favor”, adopted a bill amending Law 2017-32 of November 2, 2017, which sets out the conditions and criteria for granting financial assistance. Through aid, advances and loans, and by providing loan guarantees to legal entities other than municipalities, the Motai Brothers Government intends to stimulate the construction of intermediate housing in our islands.
In principle, this is good news, since this type of housing is very scarce and is aimed mainly at middle-class families with incomes (usually between 2 and 4 Smig) whose bank loans are not enough to hope to get a roof on the free market and, on the contrary, are too high for social housing. Even here at Taverni, we are well aware that, today, becoming a homeowner is an almost unattainable dream for many young Polynesians.
The only regret is that elected officials have not been informed of the number of intermediate housing units planned or being delivered. The President of the country and the responsible minister responded by confirming that the Arana subsidiary has “In its own portfolio, 366 housing units will be built between 2024 and 2028”.
Now in practice, the opposition has criticised this push for private social housing operators, particularly the most prominent Polynesian OPH office subsidiary Arana. The elected representative of the Tapura huiraatira, Tepuaraurii Teriitahi, stated on this point: “This is extremely dangerous for us in terms of the balance of the community budget, since the text provides for a 100% guarantee by the State for a maximum cumulative borrowing of 2 billion francs per operator. It is understood that this option given to private operators concerns only regulated loans.
In fact, let us specify that each loan guarantee of this level will inevitably lead to the mandatory requirement of the Investment and Debt Guarantee Fund (FIGD) at a level of at least 20%, or 400 million francs. What is more, this guarantee will last for the duration of the loan, which, as is customary in territorial banks, is very long, up to 50 or 60 years.
Nevertheless, this system does not in any way solve the difficulties that OPH currently faces in meeting the social housing requests of the poorest families. 6,000 files, including 4,000 for collective housing, are still in the pipeline and no new construction projects have emerged since the start of the mission.
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