News

Bahamas: HOME SWEET HOME: PM outlines affordable housing plan for young Bahamian professionals

NASSAU, BAHAMAS — Prime Minister Dr Hubert Minnis yesterday tabled a resolution in Parliament that would give “young Bahamian professionals” access to affordable land in an upscale community in western New Providence.

Minnis gave notice that he would move the resolution at the next sitting of the House shortly after 8pm.

The resolution indicates that several tracts of land in the West have been identified for purchase for young Bahamas between the ages of 18 and 45.

The prime minister said 40 percent of the lots will be multifamily 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 infrastructure for the 95 X 100 feet lots, which will be valued at $150,000.

The program will also offer several concessions, including the waiver of customs duties on all the building materials and appliances, real property taxes exemption for two years after construction, and one year without stamp tax.

Additionally, the government will make available 10 approved Ministry of Works architectural designs for homeowners to choose from for a cost of $1,000, eliminating significant architectural fees.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s