By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A Cabinet Minister yesterday said the Department of Housing plans to spend $2 million on completing 300 homes in the Carmichael Village Subdivision this fiscal year.

Romauld Ferriera, minister of the environment and housing, said during his 2017-2018 Budget communication: "For the past 10 years, the Department of Housing renovated and/or repaired more than those that were newly built. In the last five years, the Department of Housing renovated and/or repaired over 300 homes and rental units while only building 235 new homes."

He added: "During this Budget cycle, the Department of Housing will complete 300 homes in the Carmichael Village subdivision, and $2 million will be expended to cover the cost of the development. This will be done under the Government's private venture initiative. Under the same initiative, 72 homes will be completed in the new Carmichael West subdivision."

Mr Ferriera said the Department will also develop a "meaningful" rent -to-own programme for persons who cannot afford to purchase a house. That programme, he revealed, will syart on a tract of land off the Sir Milo Butler Highway.

"The Department of Housing also proposes to develop 10 low to middle income family residences in the Fox Hill district. Plans are already in place to develop the 5.6 acre tract of land off of Faith Avenue into low and middle income family residential subdivisions," he added.

Turning to the Bahamas Mortgage Corporation (BMC) Mr Ferriera said: "Over the first 11 months of the past fiscal year, July 1 2016 to May 31, 2017 the corporation has been able to place 117 loans to the tune of $15.8 million in its portfolio. He noted that 50 government initiated mortgages were issued to the tune of $6.9 million, and 67 private initiated mortgages to the tune of $8.9 million. Mr Ferriera said that in total 117 loans in the amount of $15.8 million in loans were issued by the BMC during the aforementioned period.