Bahamas Mortgage Corporation contacting clients after six months of deferral program

Bahamas Mortgage Corporation contacting clients after six months of deferral program
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“Our aim is to keep you in your homes”

NASSAU, BAHAMAS — The Bahamas Mortgage Corporation (BMC) has started reaching out to clients who were affected by the COVID-19 pandemic and had mortgage payments deferred, according to Minister of Housing Romauld Ferreira.

Ferreira, however, sought to assure homeowners that the aim is “to keep you in your homes”.

At the beginning of the pandemic, the BMC recognized that “many of its clients were being temporarily or permanently laid off as the country was on lockdown and was closing its borders,” Ferreira said.
The BMC initiated a program to assist all of its clients and deferred mortgage payments, offering their clients a six-month payment waiver.
“This plan assisted many persons who were directly or indirectly affected by the layoffs,” Ferreira continued.
“However, with the expiration of the initials six months, the corporation has begun to reach out to all of its clients who were impacted by the layoffs or who are working a few days a week,
“These clients are asked to contact the corporation to speak with the arrears officer to discuss and confirm a payment agreement for the future.”

The housing minister could not indicate at the time how many homeowners were including in the program.

Housing

During the press conference where he presented his ministry’s work throughout the pandemic, Ferreira also spoke to housing initiatives throughout the country the government continues to push forward on.

He noted that the Subdivision Development Unit is actively involved with the development and opening of the Carmichael Village Subdivision in Western New Providence.

The subdivision consists of 365 lots divided int four phases. The initial development will be phase one with 107 lots.

Ferreira advised that the tendering process for the civil infrastructure has been completed and has been submitted to Cabinet for final approval.

As for the Family Islands, the Department of Housing is developing 21 lots in Spring City Abaco, with the ain to construct 21 Townhouse style duplex units.

Ferreira said the tendering process for surveying the lost has been completed, and the tendering process to select an engineering company to manage the civil works at the subdivision has been completed.

On Grand Bahama, he said, Cabinet has given approval for the department to sell the unfinished houses in its inventory at a cost of $110,000 – the appraised value.

Additionally, the housing minister said the department is proposing the development of a 1.3 acre tract of land in Yellow Eldow next to the community center, for the construction of four duplex units for senior citizens.

“The DOH is considering plans to construct new rental complexes in the over the hill community of New Providence,” Ferreira added.

“These plans will be developed with the Over-the=Hill Unite at the Office of the Prime Minister.”