The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Bahamas Mortgage Corporation's chair yesterday said the Government’s 'rent to own' housing initiative has sparked a “very high” response with more than 600 applications submitted to-date.

Barbara Cartwright told Tribune Business: "The Ministry of Housing has the applications, but the last time I checked it was about 600 applications in so far. It’s going really well.”

The Government’s 'rent to own' programme is targeted at home buyers who do not meet the minimum requirement for a mortgage, but can prove they would be solid tenants who consistently meet their obligations. Persons would be able to rent for up to two years before transitioning to a mortgage, as the Government seeks to make housing more affordable for couples while also allowing them to build up savings.

Ms Cartwright said: “The Ministry of Housing is administrating this at the minute, and once they have accumulated the funds it would be turned over to us to complete a mortgage. We are excited to take the BMC in this new direction because anything that has to do with housing is a big deal, and anything to do with owning a piece of the rock is a big deal.”

Six homes were initially identified in Abaco for the pilot 'rent to own' initiative, with hopes that it can be expanded rapidly throughout the rest of The Bahamas if shown to be successful. Applications are currently being vetted.