03/06/2026
PRESS RELEASE
MORTGAGE CORPORATION BILL MARKS NEW ERA FOR HOME OWNERSHIP
Providenciales, Turks and Caicos Islands – Wednesday, 3rd June 2026:The Government of the Turks and Caicos Islands welcomed the passage of the Mortgage Corporation Bill 2026 by Parliament, marking a significant milestone in the Government's commitment to expanding access to affordable home ownership and creating greater economic opportunities for Turks and Caicos Islanders.
The legislation establishes the Turks and Caicos Islands Mortgage Corporation, a new statutory institution designed to increase access to mortgage financing, support affordable housing development, and help more Turks and Caicos Islanders achieve the dream of owning a home.
Key Features of the Mortgage Corporation Bill
The legislation establishes a modern and accountable institutional framework that includes:
The creation of the Turks and Caicos Islands Mortgage Corporation as an independent statutory body.
A clear mandate to support affordable housing and expand home ownership opportunities for Turks and Caicos Islanders.
Authority to provide mortgage financing for the purchase, construction, and rehabilitation of residential homes.
The ability to finance housing developments and support broader housing projects.
Public education initiatives to improve financial literacy and understanding of mortgage lending.
Powers to mobilize capital and secure funding to support sustainable mortgage lending programmes.
Strong governance arrangements through an independent Board of Directors with expertise in banking, finance, mortgage lending, law, risk management, audit, compliance, valuation, and real estate planning.
Dedicated Audit and Finance, Risk, Credit, and Prudential Standards Committees to strengthen oversight and accountability.
Comprehensive reporting, auditing, and transparency requirements.
Independent prudential supervision by the Financial Services Commission to ensure sound financial management and compliance with regulatory standards.
Benefits for Turks and Caicos Islanders
Once operational, the Mortgage Corporation is expected to deliver substantial social and economic benefits, including:
Greater access to mortgage financing for Turks and Caicos Islanders.
Increased opportunities for first-time homebuyers.
Support for families seeking to build homes on family-owned land.
Expansion of affordable housing options across the Islands.
Increased housing construction activity and economic growth.
Greater wealth creation through property ownership.
Stronger and more stable communities.
Enhanced opportunities for younger generations to establish roots and build long-term financial security.
The Corporation will complement existing financial institutions by addressing gaps in the market and supporting individuals and families who may not currently qualify for conventional mortgage products.
What Happens Next?
With the enabling legislation now passed, the Government will move forward with the implementation phase necessary to bring the Corporation into operation.
Key next steps include:
Bringing the Act into force through commencement provisions.
Appointment of the Corporation's Board of Directors.
Recruitment of executive leadership and key personnel.
Development of lending policies, operational procedures, and mortgage products.
Establishment of governance committees and prudential oversight arrangements.
Finalization of regulations and supporting administrative frameworks.
Capitalization and operational readiness activities.
Commenting on the passage of the Bill, Premier Honourable Charles Washington Misick stated, “The Mortgage Corporation Bill 2026 is a step forward, an important step, but it is part of a larger journey. A larger journey towards a more inclusive housing system, a stronger middle class and a more equitable economy. This Bill reflects the same principle that guides our national budget; the growth must be inclusive, the opportunities must be expanded and that prosperity must be shared…We are building an economy that works not just for some but for all. An economy in which every Turks and Caicos Islander has a fair chance to own, to build and to belong.”
The passage of the Mortgage Corporation Bill 2026 is therefore not simply the creation of a new institution—it is an investment in the future of Turks and Caicos Islanders and a significant step toward making home ownership more attainable for generations to come.