“There will be no favoritism, no speculation and flipping of properties”
NASSAU, BAHAMAS — Prime Minister Dr Hubert Minnis said yesterday that the application process for Bahamians looking to acquire land in a proposed upscale community in western New Providence will be open to the public this summer, stressing that no applications have been accepted to date and that there is no list of individuals already established for the community.
Minnis, while leading debate in Parliament yesterday on the housing resolution, pledged transparency with regards to the development and noted that the application process is being finalized along with other details.
“No applications have been accepted to date for this community,” said Minnis, noting that individuals will be able to submit their application and supporting documents online.
“No list of persons has been established for this community and guiding principles of the application process are being established.
“It will be transparent. There will be no favoritism, no speculation and flipping of properties. Government has the right of first refusal.”
The resolution indicates that several tracts of land in the west have been identified for purchase for young Bahamian professionals between the ages of 18 and 45 and resident in The Bahamas. Family Island residents are also eligible to apply.
Minnis noted that only first-time homeowners are eligible and that two or more individuals may apply under a single application, however, financial institutions will assess the risk.
Minnis noted: “We are providing young professionals with access to land at lower rates than on the open market.”
He added: “This community is not restricted to a particular type of academic or professional training. You don’t have to be a doctor, a lawyer or an engineer to qualify.”
Forty percent of the lots within the development will be multi-family lots at $50,000, and 60 percent will be single-family lots at $40,000. The government will bear the cost to put in place all of the necessary infrastructure for the 95×100 lots, which will be valued at $150,000.
The program will also offer several concessions, including the waiver of customs duties on all the building materials and appliances, real property tax exemption for two years after construction and one year without stamp tax.
Additionally, the government will make available 10 approved Ministry of Works architectural designs for homeowners to choose from at a cost of $1,000, eliminating significant architectural fees.
However, to ensure that the development is completed in a timely manner, the homes will have to be completed within two years of purchase.
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