By RASHAD ROLLE
Tribune Senior Reporter
rrolle@tribunemedia.net
THE Minnis administration has specified the criteria that will allow people to score highest in the selection process for the Prospect Ridge Community for Young Professionals.
The application process for the programme went live yesterday.
The guidance notes for the project state: “All verified applications are weighted and ranked within their respective categories…”
Accordingly, 15 points will be given to people 25 and under, ten points to people between 26 and 35 and five points to people between ages 36 and 45.
Fifteen points will be given to people who make $80,000 a year or under, ten points to those who make between $80,000 and $120,000 and five points to those making over $120,000.
Five points will also be awarded to those with no other land ownership; zero points will be given to those who do own other properties.
According to the guidance notes, officials propose that 20 - 25 percent of the lots will be allocated to single men and 20 - 25 percent be allocated to single women. It is similarly proposed that 35 percent to 40 percent of the lots be allocated to married couples while five to ten percent of the lots be allocated to people with disabilities.
“Once the categorising, verification and weighting processes are complete, the Committee for the Development of Communities for Young Professionals will compile a list of successful candidates based on the criteria above and submit to policy makers for final approval,” the document says. “Once applicants are approved by policy makers and all government regulatory requirements have been met as it relates to the subdivision, they will be contacted by the Office of the Prime Minister for further steps with regards to lot selection, payment and official transfer of ownership. If any applicant is not able to meet the financial obligations or close on the transaction, then the lot will be awarded to the next eligible applicant in the selection process.”
Only first-time homeowners and applicants between 18 and 45 are eligible for a lot. One must be resident in the Bahamas to apply. Joint ownership involving siblings or other family members is permitted so long as other criteria is met.
Proof of financial suitability is key. The guidance notes state: “The applicant(s) must show proof that he or she can qualify for a loan from a financial institution to purchase and build on their property if chosen; or the applicant(s) must provide a letter from a final institution stating that they currently hold the required cash and have the regular income needed to purchase the property, build and maintain the building. Government will not be providing (a) guarantee for mortgages.”
Housing costs in New Providence are high and the programme is the Minnis administration’s attempt to alleviate some of the cost burden for young people.
Prime Minister Dr Hubert Minnis has said selected applicants will be able to save up to $29,000 by spending $1,000 to purchase one of ten architectural designs the government will make available.
According to the guidance notes, tax concessions will accompany the project, including customs duties and excise tax exemption on imports or domestic purchase of materials needed to construct a home and “furniture and appliances for the said dwelling home provided the dwelling home is completed and furnished within a period of two years from the date of the minister’s approval.”
Comments
trueBahamian 2 years, 10 months ago
The scoring is very discriminatory. To be 100% accurate, the whole process is discriminatory. So, a person 50 years old who may need a "leg up" can't apply.
Is it fair for someone to pay market value to potentially have a reduction in property prices that can potentially result from this move by the government.
The gesture on the surface appears nice but I think it can lead to issues. It looks like another gimmick to get votes.
Chucky 2 years, 10 months ago
Well it would be nice if they made sure those who are doing the evaluations did not know the names of those who they are evaluating.
Regardless, this will be 100% corrupt.
TalRussell 2 years, 10 months ago
Doing scores and evaluations in a timely manner, sounds like a perfect portfolio fit to transfer the education minister over to, yes?
John 2 years, 10 months ago
In other words if you are certified FNM then move through. PLPS have to convert and take an oat on the Bible. Thanks
birdiestrachan 2 years, 10 months ago
Utter foolishness. This is nonsense, who thinks up these things. "roc wit doc" I guess
WETHEPEOPLE 2 years, 10 months ago
Firstly there should be no age limits attached to this process. It should simply rely on the homeowners ability to pay or finance what is required. Secondly there will be no oversight of the selection process. We all know very to well that selection will be another corrupt process with consideration being given to friends andnor family. This here is another exploitation of poor Bahamians who in essence will be made to foot the tax exemptions given to the selected few. If not for ALL Bahamians this program makes no sense, and chances are will only benefit children of the so called elite or the elite themselves.
DWW 2 years, 10 months ago
beaurocracy at its finest with capital B. One of the criteria is to show up with a pre-qualification for mortgage. the banks in the Bahamas (with exception of Bahamas Mortgage Corp) do not provide pre-qualification letters. then there is not price stated therefore how could you get 'pre-qualified if you don't know what the goal post is. The Bahamas government has become mired by beaurocrats in neat ties sitting in comfortable offices with healthy pay checks and more benefits than anyone else. The Bahamian Policy Markers are the epitome of what a white tower is. making rules for everyone else but have absolutely no idea what the rest of the Bahamas suffers through. Not impressed one little bit. A little PET Project of PM HAM that will beneift maybe 100 people at best while the rest of the Bahamas suffers. Don't get me started on the bullsnot policies for Abaco and Grand Bahama these are like slaps in the face to every non-millionaire who lives through the nightmare. white ivory towers white ivory tower white ivory towers.
tribanon 2 years, 10 months ago
MINNIS IS CERTIFIABLY BONKERS!
He is without a doubt the most corrupt, incompetent, arrogant, nasty, vindictive and evil person who has ever laid claim to being a Bahamian. No single person has ever caused more harm to our nation and our people than Minnis.
Chucky 2 years, 10 months ago
So you're saying you're not a fan of Minnis?
tribanon 2 years, 10 months ago
I didn't know he had any fans left. He certainly doesn't deserve any.
bogart 2 years, 10 months ago
Discrimination against professionals over 45 years old. Seems the chosen 45 years is the very common 20 year mortgage, applicant at max 45 years old starting for 20 year term mortgage ending at govt age 65 year, common retirement and for those who are employed by others ie govt, companies where they get monthly salaries. Self Employed persons generally do not follow scheduled retirement at age 65 years old.
The govt program age factor, seems excludes over 45 years olds the economy mainstay of Self Employed Professionals ie Beauticians, Chartered Accountants, Carpenters, Plumbers, Barbers etc who generally keep on working after the govt. age 65 requirement years.
The age of the applicant and criteria age should ultimately left to the criteria of the free market competition licenced regulated by Central Bank of Lending Institutions an nofor successful situation.
Another factor of concern is the evaluation of persons with disabilities who have the difficulties of obtaining life insurances as requirement policy to Lending banks.
bogart 2 years, 10 months ago
...second last para shuuld be ....The age of the applicant and govt criteria age should be ultimately decided and left to the criteria of the free market competition licensed Lending Institutions, regulated by Central Bank of the Bahamas for a successfull situation. Govt may guide the Lending Institutions on questionable age of applicant but not engage/direct free enterprise Lending institions to participate on age discrimination of applicants in national program..
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