Prime Minister, Dr. the Hon. Hubert A. Minnis said the newly constructed Queen’s Park Urban Redevelopment Project (located Christopher Street just off Farrington Road) will serve as a model for future developments, particularly in the inner city of New Providence and in Freeport, Grand Bahama. The Prime Minister said access to affordable housing is critical to the social and economic development of The Bahamas. The Queen’s Park Urban Redevelopment Project is an initiative of The Bahamas Mortgage Corporation (BMC). Prime Minister Minnis applauded the Board of Directors, Management and staff of the BMC for “assisting thousands of Bahamians to realize their dream of homeownership” over the years.
Addressing the Opening Ceremony for the Project Monday (March 26), Prime Minister Minnis said the Corporation continues to hold fast to its mission statement: “To stimulate, encourage and promote home ownership for Bahamians with low to moderate incomes, by providing superior service.” “BMC understands the need for urban redevelopment, especially in New Providence,” Prime Minister Minnis continued, “as a result, the Corporation extended its construction into the Queen’s Park Subdivision, resulting in the Queen’s Park Urban Redevelopment Project.”
Prime Minister Minnis said BMC has played a vital role in the development of government subdivisions over the years, by financing and building government subdivisions throughout The Bahamas. “This has resulted in thousands of Bahamian families obtaining homes. Additionally, BMC has provided private mortgages and loans for individuals to construct homes, purchase homes, or to purchase vacant land.” BMC purchased the tract of land that was previously home to old, dilapidated, buildings and a large number of derelict vehicles. Queen’s Park is a 34-lot Subdivision on a tract of land formerly Liotta farm and is situated along Farrington Road. The subdivision dates back to 1953. BMC acquired four lots in Queen’s Park in 2016. The Corporation then sought to have the land cut into five lots before proceeding with the design for the five homes (two, 2-Bedroom, 2 baths; and three, 3-Bedroom, 2 baths).
Officials said this was done to reduce the cost of the land and thus a reduction in the overall cost of the house and lot package. The land has now been re-developed into five, high-quality, affordable homes, replete with fencing, landscaping, and sidewalks. The homes feature exterior construction of Wall Panel System with acrylic stucco finish; energy-efficient building process with insulated walls and ceilings; hurricane impact windows; open floor plan with spacious bedrooms; ceramic tiles throughout and wood cabinetry – granite countertops. The homes also feature in-house laundry hook-up; front yard landscape and gravel parking space. “I congratulate The Bahamas Mortgage Corporation on this outstanding initiative and on its plans to continue with additional redevelopment projects throughout New Providence,” Prime Minister Minnis added.
Established by an Act of Parliament in August 1983, BMC commenced services to the public in October 1983. As an approved lender, the corporation is authorized to make government-insured mortgage loans under the provisions of the Housing Act, 1967. The Corporation may also make other (private) mortgage loans to individuals seeking to construct, purchase, repair and/or enlarge their own home, or those purchasing vacant land to construct a dwelling home.