More than 400 lots will be made available through government for homeownership nationwide as the government prepares to launch an ambitious housing initiative this summer Prime Minister Dr. Hubert Minnis revealed at the opening of the Global Network Conference Wednesday evening.
“Soon after the budget is passed this year, the Ministry of Housing will launch the first 20 to 30 lots soon to be followed by 79 in San Salvador and an additional 301 in New Providence,” Dr. Minnis said.
A bill was also tabled in Parliament Wednesday to support government’s homeownership agenda. Dr. Minnis told attendees of the conference that lots will be provided at market cost to potential first-time home owners and be sold at less than $30,000.
“Home owners will be responsible for building on their own, utilize government’s plan or architects and they will have two years to build home duty free,” he explained.
As tourism supports more than 10 per cent of the nation’s Gross Domestic Product (GDP), the nation’s leader said the incentive will also help to to boost new construction.
“The programme will be extended to family islands,” he said.
“It will encourage family island ownership, second home ownership and bed and breakfast properties.
“Our housing program will create construction and related business. Construction is a major contributor and helps support our economy. It will also be strengthened by capital work and hotel and tourism properties throughout the country.”
The government is said also plans to fully support young entrepreneurs noting that and economic emancipation will require a new generation of thinking.
“More than 60 per cent of the residents in the Commonwealth are less than 30 years old,” he said.
“Our government is focused on promoting new technology and new business ideas through young people.”