Minister of Transport and Housing, the Hon. Jobeth Coleby-Davis announced the introduction of a new rent to own programme called ‘A Place To Call Home’ while addressing Parliament. The programme is slated to benefit residents on the island of Abaco first.
Minister Coleby-Davis told Parliament, “we will not abandon Abaconians, my ministry will deliver on that promise.” The Department of Housing is currently reviewing over twelve hundred applications for housing from across the country. However, the first phase of the new problem will begin in Spring City, Abaco.
The Minister said, “we are starting ‘A Place To Call Home in Abaco’, because this administration understand the need for housing on the island is great. We also understand that the cost of rent on the island is significant so this rent to own initiative will assist in lowering the cost of housing.”
During her contribution Coleby-Davis sent a message to contractors saying, “an important component of ‘A Place To Call Home’ will be to expand economic opportunities to licensed small contractors on our island with a proven and verified track record of quality performance and excellence. We understand the economic benefits must trickle down.”
Part of the process of a successful application is the attendance at a homeownership education course along with financial coaching. According to the Minister the rental amount paid by successful applicants will go towards the down payment and maintenance costs of their assigned properties. She said, “over an agreed fixed period rent will be paid to the Department of Housing. A portion of the rent will go towards a down payment for the mortgage, property maintenance and insurance costs. A reservation deposit is required to enroll in A Place To Call Home.”
