(The resolution – a stop-gap measure by the government for the growing problem in Bahamian society of young people facing shrinking access to affordable land – includes lots for $40,000, customs duty waivers on building materials and appliances and tax waivers.)
Prime Minister and Minister of Finance, the Most Hon. Dr. Hubert Minnis tabled a resolution for the development of an upscale community in western New Providence that will offer lots for $40,000-$50,000 to 18-45-year-olds.
The development is part of the Government’s effort to increase access to affordable housing and prioritize and support young Bahamians, said Prime Minister Minnis on Wednesday, March 24th, 2021 while tabling the resolution in the House of Assembly.
“When we came into office, we made a commitment that every Bahamian would have the opportunity to participate in what we then termed the Bahamian Dream,” said the Prime Minister.
The lots, valued at $150,000 each, will be available for purchase at a cost of $50,000 for multi-family lots, and $40,000 for single-family lots, said the Prime Minister.
The first area identified consists of 83-acres in the vicinity of the Baha Mar resort and will incorporate walking paths, a community center and a swimming pool.
To maintain low costs for aspiring homeowners, the Government will grant customs duties waivers on all building materials and appliances and stamp tax, and real property tax for a minimum of two-years post construction, said Prime Minister Minnis.
Landowners will also be able to purchase pre-approved architectural designs at a cost of $1,000.
Construction must be completed within a two-year time frame to ensure a timely development of the community, said Prime Minister Minnis.
The Government has identified two additional parcels of land in Western New Providence, areas in Southern Eleuthera, Exuma, and future development plans throughout the Family Islands.
More details of the phased affordable housing plan will be provided in the upcoming Budget Debate.
Source:
Office of the Prime Minister
Commonwealth of The Bahamas
March 25th, 2021
