Categorized | National News

Gov’t To Build Over 100 New Homes

By the end of summer 2014 the government expects to have already built over 100 new homes.

Minister of Housing Kenred Dorsett made the announcement on Thursday during a press conference at the National Insurance Board (NIB).

Home construction is the first phase of the government’s National Housing Programme and is expected to see construction in New Providence, Grand Bahama, Abaco and San Salvador.

The minister noted that the programme is a historic one for the country.

“This arrangement is historic on the basis that we will call for the hiring of a project manager to be engaged to oversee the entire construction build out, which we hope to see efficiencies and more importantly to ensure that the historic challenge of shoddy workmanship in the housing programme is arrested,” he said.

“In addition to that we are engaging a financial advisor, who will report to all parties to ensure that all times we understand exactly how the monies are being disbursed and used.”

Mr. Dorsett anticipates construction to start as early as next month and to last for 12 months.

It is his hope that this new housing initiative is beneficial for Bahamians in the job market as well.

“This also begins a part of the government’s efforts to ensure that we create more jobs,” he said.

“During 2002 and 2007 in excess of 8,000 to 10,000 jobs were created simply by the government’s housing programme. So, we want to be responsible and that’s one of the reasons why we haven’t issued bonds through the Bahamas Mortgage Corporation (BMC). We don’t believe that is the prudent thing to do at this time.”

Bahamas Mortgage Corporation (BMC) Chairman Alex Storr sees this as a great opportunity for homeowners.

“Since the elections, we have been flocked with people who have been looking for government housing and this helps us to provide housing for those who are looking for it as well as to provide funding to ensure that the housing programme continues,” he said.

At the contract signing, NIB loaned $10 million to the Ministry of Housing in conjunction with the BMC and the Ministry of Finance to carry out the project.

The National Housing Programme is expected to cost $60 million, but the remaining $50 million will be loaned to the housing ministry shortly after the first set of homes is completed next summer.

Written by Jones Bahamas

Leave a Reply

You must be logged in to post a comment.

Watch JCN Channel 14 Shows

Jcn Channel 14

Sign in now to see your channels and recommendations!

Join Us on Facebook