Rent-to-own housing initiative to provide 50 homes in pilot phase – Bahamas Tribune

By LETRE SWEETING

lsweeting@tribunemedia.net

HOUSING and Transport Minister JoBeth Coleby-Davis on Friday officially announced the launch of her ministrys rent-to-own housing initiative which will open early next month.

The programme will provide some 50 homes across The Bahamas in its pilot phase.

The rent-to-own initiative, A Place to Call Home, will open the first week in November with plans to construct the homes at Abaco, New Providence, Grand Bahama, North Andros, North Eleuthera, San Salvador, Exuma and Cat Island.

The first phase of the initiative will see some five homes being built in the Spring City community of Abaco.

Applications for housing will only be received through the ministrys website at mothbahamas.com. The open date for applications will be circulated and communicated with the public at a later date, Mrs Coleby-Davis said at the Office of the Prime Minister during a press briefing.

She said the initiative will allow struggling Bahamians in the capital and on the Family Islands the opportunity to save up for their first dream home while living in that home at the same time.

We were getting a lot of queries from the islands, specifically Abaco and Grand Bahama, where Hurricane Dorian affected mostly and theres been a low rate of persons getting back on the job. This would be a great initiative to help them still become homeowners, she said.

Additionally we have a lot of self-employed persons that live on the Family Islands and its been quite difficult for them to secure financing and to get a mortgage.

And, of course, New Providence has a great demand for housing, so anything that the Department of Housing offers as an initiative would also be offered in New Providence."

The minister echoed statements made earlier this year encouraging Bahamians to save a portion of their monthly income and make wise financial decisions, as the housing initiative is geared toward working individuals who are either employed or self-employed.

A Place to Call Home is a multi-island, sustainable, financially viable housing solution administered by the Department of Housing for working individuals, employed and self-employed Bahamians, she said.

We also wish to encourage Bahamians to avoid excessive consumer loans and to create monthly financial budgets. Having a monthly financial budget could assist in better financial management, such as curbing or eliminating unnecessary spending.

Successful applicants will be required to sign an occupancy agreement, which would form the legal basis of the agreement with the Department of Housing and also deal with delinquency of accounts and payments, according to the minister.

"Over an agreed fixed period, not longer than 36 months, rent will be paid to the Department of Housing and a portion of the rent will go toward a downpayment for the mortgage, property maintenance and insurance costs, she explained.

Successful applicants will also be required to attend a home ownership education course through the Department of Housing and agree to financial coaching.

Mrs Coleby-Davis said that this rent-to-own initiative will be administered in a professional and transparent manner.

This is to ensure full compliance with internal controls and quality assurance.

The programme will be subject to audits and financial reporting. Bahamians are advised to take advantage of this initiative.

Mrs Coleby-Davis said that the cost of this initiative will be revealed at a later date, with specific payments and prices being based on the homes and financing period selected by the applicant.

A number of Housing models will be used in A Place to Call Home. The models will range from two-bedroom, one-bath to three-bedrooms, two bath models.

Employed Bahamians wishing to apply when registration opens in November must upload a valid passport, National Insurance Card, job letter, not older than 45 days and their most recent pay stub.

Self employed applicants should upload a valid passport, National Insurance Card, Business License and most recent bank account statement and any additional information, if required, said Mrs Coleby-Davis.

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Rent-to-own housing initiative to provide 50 homes in pilot phase - Bahamas Tribune