PRIME Minister Dr Hubert Minnis took part in the official ground-breaking ceremony for a new government subdivision yesterday that when fully developed will accommodate 365 lots for home construction.

The Carmichael Village Subdivision, located west of Lazaretto Road, will accommodate single and multiple-family housing, and additional lots will be used to construct community parks and other common areas for residents.

This new development is part of the government’s effort to ensure that more Bahamians, in particular, young Bahamians, have greater access to land, and by extension affordable homes, said Prime Minister Minnis.

“We determined that we would pursue a policy of ready-to-build serviced lots as a strategy to help accomplish our objectives,” Dr Minnis said.

The serviced lots initiative has three prongs. It provides land at prices far below market value so the land may be used as collateral; ensures that the land has infrastructure; and provides concessions to enable Bahamians to build at considerably reduced costs.

The price tag for government serviced lots start at $15,000 on New Providence and less than $10,000 on the Family Islands.

Serviced-lots owners are also eligible to benefit from concessions under the Access to Affordable Homes Act, 2018, including exemption of customs duties and excise tax on all necessary building materials for construction of their home.

“Today’s groundbreaking here at Carmichael Village is another example of my government fulfilling our commitment to meet the needs of Bahamians,” said Dr Minnis.

He announced at yesterday’s ceremony that 10 percent of the serviced lots in the Carmichael Village Subdivision will be allotted for Bahamians with disabilities.

The development will be constructed in four phases.

As part of phase one, 107 lots will be allotted to Bahamians beginning early 2021. Lots in phases two, three and four are expected to become available shortly thereafter.

The first phase will be made up of 70 newly constructed homes and the remainder will be used as serviced lots only.

The Ministry of the Environment and Housing is beginning the preparation of commitment letters for approved applicants in Carmichael Village. Approved applicants are expected to receive their letters before Christmas.

The Carmichael Village development is the benchmark for further government subdivision departments in The Bahamas, Dr Minnis said.

Another strategy to provide land to Bahamians is the granting of government-owned land to Bahamians, including Crown land held by other government agencies.

Under the land grants initiative, approximately 130 grants have been finalised for Bahamians, said Dr Minnis.

These grants were given in Inagua, Crooked Island, Mayaguana, Eleuthera, Exuma, New Providence, Grand Bahama and Abaco.

Additionally, two 60-acre parcels of lands have been transferred to the Disaster Reconstruction Authority (DRA). Homes for approximately 400 Abaconians will be provided. Also, 49 lots were transferred to the DRA for the construction of homes for Abaconians.

Additional land is being identified on Abaco, Andros and Eleuthera, with other islands to follow, the nation’s leader said.

“We believe that access to land and the opportunity to own land are among the greatest ways to generate and to build wealth across generations,” Dr Minnis said yesterday.