NASSAU, BAHAMAS — The government could assist thousands of potential homeowners across the country by extending the incentives and concessions offered under its western New Providence housing initiative for young professionals “across the board” for everyone seeking home ownership, according to a well-known developer.
The government yesterday launched the application process for the initiative, while outlining the criteria for applicants.
Franon Wilson, Arawak Homes president, commenting on the criteria yesterday, told Eyewitness News the government should extend concessions across the board and tweak existing policies to aid in home ownership across the country.
“The government admits in its own document that it understands there are a limited number of lots,” said Wilson.
“The government document is saying this can only help a limited amount of people for a particular point and time even if all goes well.
“I believe in home ownership and anytime someone is being assisted with home ownership, that is great. Still, there are some things I think the government could do to help a lot more people and I am referring to thousands of persons.
“One for example would be the issue of real property tax. The first $250,000 is exempted. The government could increase that to $500,000. The prime minister noted that the lots in this subdivision would normally be valued at $150,000 and a person could spend twice that amount on the home, so $300,000 on a home.”
Wilson added: “There is also the issue of tax on vacant property. The tax right now on vacant property, if its appraised value is under $100,000, you pay 2.5 percent tax to the government. If you pay one penny more on the property, you pay 10 percent.
“If in this subdivision properties would normally be around $150,000, government could help more people by moving that from $100,000 to $150,000 so anyone with property under $150,000 would pay 2.5 percent.
“I also believe that there should be a clear articulated mechanism put in place so that persons can get their materials and supplies locally. That obviously works in the favor of Bahamian businesses and keeps more money in the country.”
The application process, which opened yesterday, is being facilitated through the government’s MyGateway portal. The initiative is part of the government’s land reform priority to foster social and economic empowerment through land ownership while strengthening the middle class.
Applicants must be Bahamian citizens resident in The Bahamas and a first-time homeowner between the ages of 18 and 45. Applicants must show they can qualify for a loan from a financial institution or provide a letter from a financial institution stating that they hold the required cash and have regular income needed to purchase the land as well as build and maintain their home.
The government will reserve the right of first refusal for any property sale and once selected, applicants must complete the build-out of their home in two years.
