According to Housing Minister Romauld Ferreira, the government has already received as many as 60 applications for their low-cost housing initiative, but regrettably only nine of them qualify. 

He said, “we say to the Bahamian public that this is one of those once in a lifetime opportunities. We urge you to put your financial house in order so you can take advantage of this.”

He added, “never before, in the history of our country  has land been made available in New Providence at these kinds of prices – under $20,000, $15,000, $18,000. With that much built in equity, this can also make a change and difference in your life.” 

When asked if the qualifications were too strict, Minister Ferreira told reporters these qualifications are quite liberal. 

He said, “You’re dealing with the Bahamas Mortgage Corporation and there is no bank, there’s no financial entity more flexible with the Bahamas Mortgage Corporation.”

“The fact of the matter is that consumer debt and predatory lending from some of the other commercial banks is a huge issue, and a lot of Bahamians have been seduced with loans that are unnecessary particularly Bahamians who can have salary deductions,” said the Minister.