HOUSING Minister Keith Bell said government's rent-to-own programme would help people who cannot get a mortgage because they have other debts or cannot pay the down payment needed to get a loan.

“What it really means is that we find that there are a number of persons who want homes, they have saved that downpayment, but because they have some consumer debt, they're unable to qualify for a mortgage," he said.

“Sometimes they may be able to pay a loan, but they don't have the downpayment. So the idea is to be able to put them in their homes, and their payments will go towards the deposit to bring down their consumer debt.”

He said when people reach a point where they can qualify for a mortgage, officials will “take them into the bank and qualify them”.

"It's very innovate, it's very progressive and it's gonna help thousands of Bahamians," he said.

He suggested that some homes in the Renaissance at Carmichael housing development will be used in the project.

During his mid-term budget debate last week, Mr Bell said the programme would see the government redevelop abandoned properties and transform them into affordable housing areas.