HOUSING and Urban Renewal Minister Keith Bell.
HOUSING Minister Keith Bell said government's rent-to-own programme would help people who cannot get a mortgage because they have other debts or cannot pay the down payment needed to get a loan.
“What it really means is that we find that there are a number of persons who want homes, they have saved that downpayment, but because they have some consumer debt, they're unable to qualify for a mortgage," he said.
“Sometimes they may be able to pay a loan, but they don't have the downpayment. So the idea is to be able to put them in their homes, and their payments will go towards the deposit to bring down their consumer debt.”
He said when people reach a point where they can qualify for a mortgage, officials will “take them into the bank and qualify them”.
"It's very innovate, it's very progressive and it's gonna help thousands of Bahamians," he said.
He suggested that some homes in the Renaissance at Carmichael housing development will be used in the project.
During his mid-term budget debate last week, Mr Bell said the programme would see the government redevelop abandoned properties and transform them into affordable housing areas.
Comments
hrysippus 9 months, 1 week ago
Anyone with any sense can see exactly how this program will unfold and how it will end up.
The_Oracle 9 months, 1 week ago
Doubt anyone has realized the Government will be in the maintenance and eviction business?
rosiepi 9 months, 1 week ago
What happened to the projects started by the Minnis government for affordable housing in Nassau that Davis & Co stopped ‘to do it better’? Have any been turned over to qualified owners??
ohdrap4 9 months, 1 week ago
One who has consumer loans cannot have the downpayment. But, even if they did, they would not be able to meet the mortgage payments. Same difference.
ThisIsOurs 9 months, 1 week ago
The highly politicized atmosphere at the moment, scrambling to appear to do alot of good things without any plan or budget to actually complete reminds me of Perry Christies promise of free electricity right before the election
hrysippus 9 months, 1 week ago
This is sour, just so, the Christie promise of free electricity was simply the best. The most ridiculous unbelievable political promise recorded in the long history of ridiculous promises by Bahamian politicians wanting to be elected to positions of power.
SP 9 months, 1 week ago
Silly season is unquestionably upon us! Politicians will promise anything prior to an election.
Bahamians should know by now to judge politicians based on their accomplishments, not their promises!
DWW 9 months, 1 week ago
Mr. Bell may not have a good understanding of how things work in the home ownership and mortgage world. perhaps a chat with some local Real Estate professionals could enlighten him?
ohdrap4 9 months, 1 week ago
I know. Hapless landlord who experienced two failed rent to own agreements.
Tenants eyes get big when their downpayment accumulated amount starts looking good and cash it in or ask for rent credit for several months.
Landlords also spend the downpayment portion . Also some landlords collect BPL money from the tenant and in turn don't pay BPL.
The bill ducking culture runs deep.
stillwaters 9 months, 1 week ago
Corruption in every facet of our lives, no matter how small the issue.
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