Prime minister announces similar housing initiatives on Family Islands
“Our policy is to enable land and homeownership at various income levels”
NASSAU, BAHAMAS — Applications for the government’s western New Providence housing initiative will become available the first week of July and will be open for six weeks, according to Prime Minister Dr Hubert Minnis.
Minnis, during his budget debate wrap-up in the House of Assembly yesterday, said: “Our policy is to enable land and homeownership at various income levels, including for middle-income Bahamians. We are investing in communities, groups and areas throughout The Bahamas, including in opportunities for young professionals.
“What we are doing now should be considered a pilot. I have asked for an assessment to be made on the potential impact of a broader application of the policy. Some of the concessions being discussed for this community are not new, nor are they limited to individuals on New Providence.”
He added: “The government enacted the Access to Affordable Homes Act in 2018. It is the same act by which Bahamians in Carmichael Village and subsequent government subdivisions throughout the entire Bahamas may receive concessions.”
Minnis noted applicants will be eligible to benefit from exemption from customs duties and excise tax in respect of the import or domestic purchase of any materials necessary for the construction of a dwelling and for the furniture and appliances in respect of the dwelling home, provided the home is completed and furnished within a period of two years from the date of approval by the minister.
He noted the homeowner will also be exempted from real property tax for a period of five years from the date of the certificate of occupancy.
The government has identified several tracts of land in western New Providence for purchase for young Bahamians between the ages of 18 and 45. Minnis previously indicated 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 infrastructures for the 95×100 lots, which will be valued at $150,000.
The prime minister noted other islands are also included in the serviced lots initiative.
“In the Central Pines extension on Abaco, 18 lots are presently being prepared, with an expansion planned in 2022 for an additional 40 lots,” said Minnis.
“In Spring City, Abaco, 21 lots with homes are presently being prepared with the necessary works, with an extension of an additional 115 in 2022.
“On Grand Bahama, we have made the decision to proceed with the McClean’s Town housing project started under the prior administration and to add these properties to the serviced lots initiative.”
Minnis added: “We have already completed the water infrastructure started previously and now, after having been delayed for a period, we will be proceeding with completing the electricity installation.
“The McClean’s Town Subdivision has 40 residential lots, seven multi-family residential lots and five commercial lots. The residential lots will now also be eligible [for] the concessions available under the Access to Affordable Homes Act.
“Additionally, being sensitive to the hardships faced by the families in East End, we have also decided to offer the properties at 50 percent of the assessed value. The properties range in size from approximately 13,000 to 20,000 square feet. They were assessed at $10,000 to $20,000. We will make them available to potential homeowners at $5,000 to $10,000.”
