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Minnis unveils new mortgage corp. homes



The Bahamas Mortgage Corporation (BMC) yesterday unveiled five new homes as part of its Queen’s Park Urban Redevelopment project.

ime Minister Dr. Hubert Minnis praised the corporation for seeking to empower Bahamians through home ownership.

“BMC purchased this tract of land, which contained old buildings with a large number of derelict vehicles,” he said yesterday during the official opening ceremony.

“The land has now been redeveloped into the five, high-quality affordable homes we see here just to my right, replete with fencing, landscaping and sidewalks. This project serves as a model for future developments, especially the inner city of New Providence and the city of Freeport.”

The homes, located off Farrington Road, feature hurricane impact windows, insulated walls and ceilings, landscaped front yards and wood cabinetry and granite counter tops.

There are two, two-bedroom homes and three, three-bedroom homes.

Minister of the Environment and Housing Romauld Ferreira said the homes start at $120,000 but noted that the BMC has already assigned the homes to qualified people.

“Access to affordable housing is critical to economic development in The Bahamas,” Minnis said.

“I thank the BMC for continuing to help in this effort by assisting thousands of Bahamians to realize their dream of home ownership.”

Minnis also noted that the Ministry of Housing will offer housing lots to the public in May for less than $30,000.

During his national address in January, Minnis announced an “ambitious” housing program.

He later said that housing lots will be sold to first-time homebuyers for under $30,000, a reduction of approximately 70 percent of the industry average.

“We would hope that we have lots available right after the new budget [in] May/June,” he said last month.

“Those lots will be sold with all the infrastructure, amenities attached to it and be sold at a very, very low price. The only thing I can say is that there’d be – I don’t want to give the exact cost – but to give you a ballpark figure, I can say they will be definitely be less than $30,000.”

Golden Isles MP Vaughn Miller has called on the government to take action on a “mortgage crisis” on New Providence.

“Mr. Speaker, we promised to bring them solutions and relief,” he said in the House of Assembly earlier this month. “They need it now. Too many people, hard-working Bahamians, are losing their greatest lifetime investments.

“How much longer do we intend to watch them suffer and lose it all?

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