Home must be completed within two years of purchase
NASSAU, BAHAMAS — Prime Minister Dr Hubert Minnis yesterday tabled a resolution in Parliament that would give “young Bahamian professionals” access to affordable land in an upscale community in western New Providence.
Minnis gave notice that he would move the resolution at the next sitting of the House shortly after 8pm.
The resolution indicates that several tracts of land in the west have been identified for purchase for young Bahamians between the ages of 18 and 45.
The prime minister said 40 percent of the lots 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 for 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.
The prime minister said in order to ensure fair play, a committee will be established that will set the rules and policies in the selection process.
One of the areas identified is 83 acres of land in the area of Baha Mar, which will be an “upscale community” that incorporates walking paths, two parks, a community center, a swimming pool and will also be eco-friendly with minimal change to the existing topography.
Minnis further announced that two additional plots of land in western New Providence have also been identified and will also be used for subdivisions for young professionals.
He said: “We’ve already had discussions with a number of banks and they have agreed provisions that they will do their evaluations, and once they themselves are happy that yes the land is worth $150,000 or more, the equity is such a vast amount that individuals would not have to come up with any down payment to construct their homes.”
The prime minister explained that if homeowners want to sell after construction, the government will be given the right of first refusal in order to put the property back in the pool for purchase.
Minnis insisted that his government has delivered on its promises to give people access to the “Bahamian dream” through its preschool initiative, University of The Bahamas’ “free education” initiative and providing subsidies and grants for schools.
He said this affordable homes program is phase two in that dream.
He added that phase three will be a focus on job creation, which will be expanded on during the debate.
Residence of the Prime Minister
Minnis announced that along with the three parcels of land identified for an affordable housing program for young Bahamian professionals, the government has also identified land for a “Residence of the Prime Minister” near the western Office of the Prime Minister.
He said: “I have no intentions of building any or moving. So, I don’t want the people to think that I’m building a residence for myself. I am very happy and in 2027, who is the new prime minister, they may build for themselves.”
Loading ...
