By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Cabinet minister yesterday said the Government is spending $1.5m on infrastructure for its low-cost housing subdivisions during the upcoming 2022-2023 fiscal year.

Jobeth Coleby-Davis, minister for housing and transport, during her contribution to the Budget debate in the House of Assembly affirmed that her ministry will also launch a “rent to own” initiative along with facilitating the construction of 240 new homes in the Renaissance subdivision in the Carmichael area.

She said: “We have allocated $1.5m to the Department of Housing to assist with the development of infrastructure for our subdivisions. Beginning with New Providence, in Carmichael we have the Renaissance, which will consist of 365 residential and commercial lots in four phases.”

The Government signed a $20m loan with Simplified Lending and Proven Wealth Management in May this year to finance the Renaissance’s development, but the Government’s infrastructure outlay was unknown until yesterday.

Mrs Coleby-Davis added: “For infrastructure, phase one has already been completed. We are currently commencing the completion of phase two of the infrastructure work. The homes will be built in two phases. The first phase will consist of 200 affordable homes, which will include single family homes, condo styles and multi-family homes. There will also be a number of commercial lots.

“The second phase of roadworks, water and sewer works, electrical work and survey works will be commenced this week. This subdivision is aptly named Renaissance because it represents a revival of the affordable housing market with high quality, referencing a new level in affordable housing in New Providence.”

Mrs Coleby-Davis said the planned “rent to own” scheme has made progress, and the new Dignity Gardens subdivision will be the prototype for the initiative. “The Department of Housing will be assisted by an advisory council comprised of distinguished individuals from both the private and public sectors. This advisory council assists with the drafting of policy for the rent to own.”

A small down payment will be required from participants, with monthly payments spread out no longer than 18 months. Mrs Coleby-Davis voiced optimism this will become a “national programme”.

Mrs Coleby-Davis said her ministry has also handed out 280 new taxi plates, but is remaining “careful” not to “saturate” the market.