Prime Minister and Minister of Finance, Hubert Minnis tabled a resolution for the development of an upscale community in western New Providence that will offer lots for $40,000-$50,000 to 18-45-year-olds.
The development is part of the government’s effort to increase access to affordable housing and prioritize and support young Bahamians, Minnis said on Wednesday while tabling the resolution in the House of Assembly.
“When we came into office, we made a commitment that every Bahamian would have the opportunity to participate in what we then termed the Bahamian Dream,” said Minnis.
The details
- The lots are valued at $150,000 each but will be available for purchase at a cost of $50,000 for multi-family lots, and $40,000 for single-family lots.
- The first area identified consists of 83-acres in the vicinity of the Baha Mar resort and will incorporate walking paths, a community center and a swimming pool.
- To maintain low costs for aspiring homeowners, the government will grant customs duties waivers on all building materials and appliances and stamp tax, and real property tax for a minimum of two-years post-construction.
- Landowners will also be able to purchase pre-approved architectural designs at a cost of $1,000.
- Construction must be completed within a two-year timeframe to ensure timely development of the community.
- The government has identified two additional parcels of land in Western New Providence, areas in Southern Eleuthera, Exuma, and future development plans throughout the Family Islands.
- More details of the phased affordable housing plan will be provided in the upcoming Budget Debate.