By LEANDRA ROLLE

Tribune Staff Reporter

lrolle@tribunemedia.net

HOUSING and Transport Minister JoBeth Coleby-Davis announced yesterday that her ministry will soon be launching its rent-to-own housing initiative, a programme she said is designed “to expand the path to homeownership for hardworking Bahamians.”

Mrs Coleby-Davis, speaking in the House of Assembly yesterday, called the plan “A Place to Call Home,” and added that the first phase of development will be rolled out in Abaco.

She said the project will initially include five housing units that will be built in the Spring City community.

“Deputy Speaker, we are starting ‘A Place To Call Home’ in Abaco, because this administration understands the need for housing on the island is great,” she told parliamentarians during her contribution yesterday.

“We also understand that the cost of rent on the island is significant – so this RTO initiative will assist in lowering the cost of housing. Deputy Speaker, I said in my address to the Abaco Business Outlook that we will not abandon Abaconians. My ministry will deliver on that promise.”

She also revealed that similar plans are in the works for other Family Islands, which will be announced soon.

“Deputy Speaker, in our party’s Blueprint for Change, we committed to the implementation of a rent-to-own initiative to expand the path to homeownership for Bahamians,” she said.

“As I speak, Deputy Speaker, the Department of Housing is currently reviewing over 1,200 active applications for housing. Each customer service representative at the department is currently managing over 350 applications.

“These applications, Deputy Speaker, are from all segments of Bahamian society and include teachers, nurses, police officers, hospitality workers, and bankers to name a few.”

Insisting the Davis administration believes wholeheartedly in empowering dedicated Bahamians through homeownership, Mrs Coleby-Davis said it was important for the government to make opportunities available for locals.

“The mission statement of ‘A Place To Call Home’ is to provide a sustainable path to homeownership, to empower, to create value and to make a difference in the lives of Bahamians,” she said.

“The core values of the Rent To Own initiative, Deputy Speaker, are embodied in the acronym – Integrity, Innovation, and Impact. A Place To Call Home will be built on integrity.

“We will be transparent, honest, and accountable with the Bahamian people. Deputy Speaker, A Place To Call Home will be innovative.”

She also revealed that the government will use technology and proven best practices from countries worldwide for its housing initiative.

Housing models will range from a two-bedroom, one-bathroom model to a three-bedroom, two-bathroom model, she also said.

“A Place to Call Home, Deputy Speaker, gives Bahamians the opportunity to save up for their first dream home while living in it at the same time.”

Mrs Coleby-Davis continued. “Over an agreed fixed period, rent will be paid to the Department of Housing. A portion of the rent will go towards a down payment for the mortgage, property maintenance, and insurance costs.”

According to the housing minister, a reservation deposit will be required to enrol in the housing initiative and successful applicants will have to take a home ownership education course through the housing department.