Continuing his government’s aggressive initiative to provide affordable housing for Bahamians, Prime Minister Philip E. Davis announced Saturday that his administration is investing $20 million in a new housing development called Renaissance at Carmichael subdivision.
“We are constructing 200 new homes, putting affordable housing within reach for so many Bahamian families,” the prime minister noted, after touring the new housing development with Minister of Housing and Urban Renewal Keith Bell.
“We are going further than waiving VAT (value added tax) duties on conveyance and mortgage instruments and are directly reducing the costs for first-time homeowners,” the prime minister said. “Additionally, we have raised the exemption for stamp duty on homes up to $300,000 and offered VAT refunds on construction materials and services. Reducing VAT on property transfers and eliminating it on land transfers between joint tenants is about respecting your heritage and valuing the land passed down through generations.”
Davis added: “We are introducing a rent-to-own program that will make it much easier for Bahamians to finance their dreams of homeownership. The Central Bank has already introduced new guidelines for domestic banks and credit unions regarding residential mortgages. Reducing the minimum equity requirement and eliminating mortgage indemnity insurance for lower down payments is a significant step forward. We are creating a country where every Bahamian can get ahead.”
This is an excellent building project.
200 New Homes for an responsible and affordable mortgage payment. The method of Rent to Own is well know of in the United States of America.
I do believe that Bahamians would appreciate this method of owning their own home, and excellent for mortgage payment.
College Students with success graduation of their degree programs will find a house investment to be an excellent reward gift to themselves.
Right Honourable Phillip Davis, please ensure that the building construction company, puts a wall around the property, and a security at the entrance of the property.
This will ensure that all those living in each home will be safe. And this will also ensure that visitors coming to see family, and friends living in the residents, are contacted by the security at the entrance before being allowed to enter the complex facility.
Thank You for reading my suggestions for the New Renaissance Homes, in Carmichael Subdivision.