Established by an Act of Parliament in 1955, The Housing Authority became an operating entity in 1958. The Authority began operation with the development of rental flats and progressed into the development of lots and the designing and building of homes. In 1996, Housing Authority was declared a Commercial Statutory Authority and is now required to provide returns to Government. The Authority moved away from the designing and building of homes to concentrate on the production of land lots and the provision of financing in 1997. With the initial vision to provide affordable housing for low-income earners in urban centers who could otherwise be unable to secure a permanent residence for themselves, the Authority has in recent years expanded its services to include mortgage financing for middle to high-income earners.