Housing and Environment Minister Romauld Ferreira. (File photo)
By KHRISNA RUSSELL
Deputy Chief Reporter
krussell@tribunemedia.net
MANY Bahamians are unable to qualify for the government's low-cost housing lots despite efforts to offer them at less than $30,000, Environment and Housing Minister Romauld Ferreira said yesterday.
In view of this, the minister urged Bahamians to put themselves in the position to be able to take advantage of what he called a "once in a lifetime" opportunity.
He spoke of the initiative yesterday outside of Cabinet.
He said: "Of course this is a new exciting housing initiative where we want to make land available for young people and not so young people. But we want to reduce the cost of home ownership to the average Bahamian. That's what it's really about, home ownership being a basic human right.
"Yes, people have already begun to apply for service lots," Mr Ferreira continued.
"We will not run out of them. There will be enough for everybody so I encourage all Bahamians to get their finances in order now.
"Take it easy with the consumer loans. You'd be surprised to know that even though we are projecting a cost of $25,000 for one of these lots, a number of people can't qualify for that.
"And so, we are asking people to work with us, meet us halfway. Try to put your financial house in order.
"So we are saying to the Bahamian public put yourself in the position where you can take advantage of this situation. It's actually very important that you are able to take advantage of this situation because this is a once in a life time opportunity and you want to be in a position to take advantage of it."
Twenty lots are being offered in the Sunset Close extension just behind the Carmichael Road Post Office. There are others at Carmichael Village - Carmichael Road West and in the Lionel Davis Development in Fox Hill.
Comments
Alex_Charles 6 years, 4 months ago
If people can't afford to finance this through banks... how do you expect them to pay more in taxes. Won't increases in taxes make matters worse?
ohdrap4 6 years, 4 months ago
they are giving more privilege to the civil servant. we pay taxes to keep the lazy working. now they can get 2% interest lloan ( free money just about), through salary deductions.
the civil servants are more equal than others, yep.
DWW 6 years, 4 months ago
well if inflation is 1.6% then yes, a 2% loan is essentially interest free. and this equates to free money.
sheeprunner12 6 years, 4 months ago
How can 30K for 80x100 lots help lower class Bahamians in Nassau????? .......... When will the Government begin selling off the Crown Land to Bahamians at base rates?????? .......... smt
Without access to land, lower class Bahamians will remain at the same level as the Haitian squatters.
ohdrap4 6 years, 4 months ago
This is not for lower class bahamians. IT IS FOR CIVIL SERVANTS. as reported on the Tribune on may 10th:
HonestTruth 6 years, 4 months ago
@sheeprunner, only 5% downpayment is required for residential lots. If someone can not afford to put down $1250 for home ownership, they have bigger issues at hand.
sheeprunner12 6 years, 4 months ago
The money is irrelevant ......... we all know what the system requires. No one is going to pay the 5% to Roomey ........ This requires the dreaded bank loan.
ohdrap4 6 years, 4 months ago
The civil servants will get 2% , TWO PERCENT, loans through salary deductions. as it is this is only for civil servants, folks.
sheeprunner12 6 years, 4 months ago
Ohdrap4 ......... how many civil servants can qualify for a home loan now??
BOL ............ Most of them are max out now, especially as there is a cap on salary deductions in place by the Ministry of Finance.
ohdrap4 6 years, 4 months ago
Well it appears there are only three dozen lots available anyway, surely they can find three dozen civil servants.
This will be another "mortgage relief".
But the three dozen will eventually flip the homes.
Upon reflection the govt realised this could only be available to those who have salary to deduct.
but I am irked that this will be another privilege given to civil servants only.
TalRussell 6 years, 4 months ago
Looks likes PMO has released Comrade Roomey from seclusion witness protection program. Him face all over media places likes announcing New manager for landfill site, lots people, etc, etc. Lots grand spending plans - considering they can't even pay schools Lunch Vendors for feeding children.
Truism 6 years, 4 months ago
SAD! This is proof positive that our government is clueless as to the ' average' Bahamian household income. Either that, or they just don't care.
TheMadHatter 6 years, 4 months ago
Every single person who comes out to celebrate "Independence Day" on the 10th is a complete 100% idiot.
How can we be independent when the Queen still has OUR LAND tied to her sparkly crown?
Ya free, but we keeping the plantation. Yinna pay rent and mortgage. That's good for ya black hip. Plenty laughs must have been had in the palace back in 73.
sheeprunner12 6 years, 4 months ago
And who is the Johnny Jumper on the plantation????? ..... 4 black niggas so far ....... Pindling, Ingraham, Christie and Minnis ......... SAD
bogart 6 years, 4 months ago
Looking at 5% downpayment, the loan being 23, 750 over max 15 years at range interest rate 2 to 8 % one would be looking at monthly payment range 150 to 230 monthly. Using 5% down implies using mortgage indemnity insurance.....marginal .?? which should be banned because in hurricane prone area there could be massice unemployment jobless and glut of properties being disposed of lowering prices for all as in Freeport. Looking at downpayment there are associated costs, 2.5% lawyers fees usually negotiable, plus 1% stampduty on mortgage amount plus other cost affidavods, searches applicants already having judgements levied from previous debts etc. So the applicant must have more than the downpayment Using to facilotate the minimum downpayment applicants usually follow the 45% total loans ratio AND with due care lender must ensure that applicant must be ably to repay all other living and anticipated expenses bills.....otherwise its no use giving a loan, making the applicant spend their life's savings...downpayments....only to lose it all if they are likely to defailt a short tine later.... Anothrr aspect is while the applicant may qualify for the land.....they must also qualify for the primary reason these lots are being sold is to build homes...same mathematical analysis....andd in buildong homes with their own contractors..variables incrrase for challenges to occur..... All these issies and more would have alrrady be done by govt experts for successfull implementation....dont knpw why the Minister is having challenges.
bogart 6 years, 4 months ago
My comments Bogart above should not be in any way form or otherwise be taken as any advise or otherwise in making any financial investment on these lots or housing pprogram
DDK 6 years, 4 months ago
"In view of this, the minister urged Bahamians to put themselves in the position to be able to take advantage of what he called a "once in a lifetime" opportunity" PULEEZE, Mr. Minister, at least TRY and say something sensible. TRY and understand the position of THE MAJORITY of THE PEOPLE! At least PRETEND not to be so removed from the majority of those who elected you LOL!
killemwitdakno 6 years, 4 months ago
With 12% now? And a credit bureau right behind?
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