By RASHAD ROLLE

Tribune Senior Reporter

rrolle@tribunemedia.net

THE Minnis administration has specified the criteria that will allow people to score highest in the selection process for the Prospect Ridge Community for Young Professionals.

The application process for the programme went live yesterday.

The guidance notes for the project state: “All verified applications are weighted and ranked within their respective categories…”

Accordingly, 15 points will be given to people 25 and under, ten points to people between 26 and 35 and five points to people between ages 36 and 45.

Fifteen points will be given to people who make $80,000 a year or under, ten points to those who make between $80,000 and $120,000 and five points to those making over $120,000.

Five points will also be awarded to those with no other land ownership; zero points will be given to those who do own other properties.

According to the guidance notes, officials propose that 20 - 25 percent of the lots will be allocated to single men and 20 - 25 percent be allocated to single women. It is similarly proposed that 35 percent to 40 percent of the lots be allocated to married couples while five to ten percent of the lots be allocated to people with disabilities.

“Once the categorising, verification and weighting processes are complete, the Committee for the Development of Communities for Young Professionals will compile a list of successful candidates based on the criteria above and submit to policy makers for final approval,” the document says. “Once applicants are approved by policy makers and all government regulatory requirements have been met as it relates to the subdivision, they will be contacted by the Office of the Prime Minister for further steps with regards to lot selection, payment and official transfer of ownership. If any applicant is not able to meet the financial obligations or close on the transaction, then the lot will be awarded to the next eligible applicant in the selection process.”

Only first-time homeowners and applicants between 18 and 45 are eligible for a lot. One must be resident in the Bahamas to apply. Joint ownership involving siblings or other family members is permitted so long as other criteria is met.

Proof of financial suitability is key. The guidance notes state: “The applicant(s) must show proof that he or she can qualify for a loan from a financial institution to purchase and build on their property if chosen; or the applicant(s) must provide a letter from a final institution stating that they currently hold the required cash and have the regular income needed to purchase the property, build and maintain the building. Government will not be providing (a) guarantee for mortgages.”

Housing costs in New Providence are high and the programme is the Minnis administration’s attempt to alleviate some of the cost burden for young people.

Prime Minister Dr Hubert Minnis has said selected applicants will be able to save up to $29,000 by spending $1,000 to purchase one of ten architectural designs the government will make available.

According to the guidance notes, tax concessions will accompany the project, including customs duties and excise tax exemption on imports or domestic purchase of materials needed to construct a home and “furniture and appliances for the said dwelling home provided the dwelling home is completed and furnished within a period of two years from the date of the minister’s approval.”