The Tribune

EDITOR, The Tribune.

While I admire the ambitious goal of the newly appointed Minister responsible for housing, to build 1,600 homes, the most by any Minister. I wish to offer some unsolicited advice. The Department of Housing Act I believe was created to help the poor man (woman) to own a home. Known as low cost homes, the purchase price was within the lower income individual’s to finance a mortgage.

I believe the government has a solemn responsibility to provide avenues so that the lower income individual is able to afford a roof over their head. This can be done through a number of initiatives. Interest rates at Bahamas Mortgage Corp ought to be reduced to 1-2 percent; down payments should be 0-2 percent. And the length of time for the loan can be increased to a 50 year term. Don’t tell me it can’t be done because in other countries it is being done. It is incumbent upon the lawmakers to have the testicular fortitude to make the change. Some mortgages go up to 75 years. It is passed onto the children who would have now been an adult and are employed. The point is, more unconventional thought needs to go into formulating policies to enable persons to own a home. The challenge is, I am not hearing of any big new idea. The question is, will it be business as usual and the same status quo.

Somewhere along the way, greed became the order of the day. Bahamas Mortgage Corporation began competing with the commercial banks. Getting back to the ambitious goal by the Minister. According to published reports, 48 homes will be constructed in Pine Crest Subdivision. My suggestion to the government would be to select 12 small contractors and award each four homes. Or even better still to sweeten the pot, select 24 contractors and give each two homes. Obviously the monies would spread much further. I would be tormented to know that a single developer is selected to build all 48 homes. That would be a grave injustice to the small contractor. They would be forced to go on bended knee with cap in hand seeking employment. And if in fact the government does construct 1,600 homes, it would be a serious tragedy if a single developer is given the entire contract.

There was a policy place in at the housing department that vacant lots were reduced by 70% from the appraised value. This enabled persons with lower income to afford lots. That is a good policy. That is in line with the vision of Dept. of Housing. I would hope that is still in place. To add to the greed factor I recall an individual seeking to purchase a large block of vacant lots in a government subdivision. The purpose was to construct homes to his specifications. This is totally going against the Housing Act. These homes would be constructed for a certain segment of the market and eliminate the people whom the act had intended for.

The government is indebted to ensure that the small man and woman is given an equal opportunity to own a piece of the pie, so to speak. Prime Minister Davis’ legacy is on the line. It is commonly said, he is for the small man. Well now is the time to put the proof in the pudding!

PATRICK STRACHAN

Nassau,

March 7, 2022.