Coleby-Davis says initiative will likely involve salary deductions
NASSAU, BAHAMAS — The Davis administration is exploring a “rent-to-own” initiative that will allow Bahamians who are unable to get a transitional mortgage to access homeownership opportunities, according to Housing and transport Minister JoBeth Coleby-Davis.
Davis said, during her contribution to debate in Parliament yesterday: “We all know that many Bahamians are turned down from banks for various reasons. Many Bahamians simply cannot secure a mortgage.
“Those people would be happy to learn that the government is currently exploring a rent-to-own initiative which will allow Bahamians to make a small deposit which will be a part of the purchase price, along with monthly payments, to allow people who cannot get a traditional mortgage to have access to homeownership opportunities.”
Coleby-Davis noted that such individuals will still have to demonstrate that they have the financial capacity to honor the agreements.
“This may likely include salary deductions, but we believe that the rent-to-own initiative can go a long way towards helping Bahamian families who may not be able, under regular circumstances, to become homeowners,” said Coleby-Davis.
She also noted that government is working towards the development of the Carmichael Village Subdivision, ensuring that all the necessary infrastructure is in place to create a viable community.
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