The Tribune

By KEILE CAMPBELL

Tribune Staff Reporter

kcampbell@tribunemedia.net 

THE Bahamas Hotel Catering and Allied Workers Union (BHCAWU) is advancing efforts to secure homeownership opportunities for its members, hosting a financial literacy and homeownership seminar as part of a broader housing initiative in western New Providence.

BHCAWU president Darrin Woods announced that the union is preparing to break ground on a housing development aimed at providing affordable homes exclusively for its members.

“We hope to break ground in western New Providence this month. We’re waiting on some government approvals,” Mr Woods said. “Once that is done, we’ll announce the groundbreaking.”

The housing programme is designed to help hotel workers secure homes without competing in the broader real estate market. The union has acquired 8.9 acres of land for development and is working with private financiers to secure funding.

“Originay, there were 16 lots, but it looks like we’ll get about 10 from that,” Mr Woods said. “Additionally, we have 8.9 acres ready for development, and we’re partnering with private financiers to fund the project. Based on our estimates, we should be able to develop at least 25 lots.”

Mr Woods added that the union hopes to receive government support, either through grants or land allocations, to expand the initiative.

“If we can partner with institutions like the National Workers Cooperative Credit Union to assist our members in securing homes, that’s what today is about,” he said.

To prepare members for the financial responsibilities of homeownership, BHCAWU partnered with Stone Open Bahamas to host a seminar featuring real estate professionals, financial experts, and legal advisors. The event covered mortgage qualification, financial planning, legal requirements, alternative building materials, and the role of insurance in protecting investments.

Mr Woods emphasised the importance of financial preparedness, noting that homeownership is one of the most significant investments a worker can make.

Financial experts at the seminar advised members on securing mortgages, stressing that excessive debt can hinder loan approval. A legal professional also warned against home-buying pitfalls, urging attendees to seek independent legal advice rather than relying solely on a seller’s attorney.

The Tribune spoke to two union members at the seminar about the financial challenges hotel workers face when trying to qualify for mortgages.

One attendee noted that banking policies have changed, making it easier for service workers to access home loans.

“A lot of hotel workers now get 260 [days of employment], but banks used to base approvals only on base pay, not tips,” the attendee said. “Now, tips are included, making it easier to qualify.”

Another attendee highlighted the importance of financial discipline in achieving homeownership.

Mr Woods said the current housing initiative builds on the efforts of former BHCAWU President Patrick Bain, who launched a similar programme in 2003 that resulted in more than 100 homes for union members in western New Providence and Nassau Village.

The union plans to expand the initiative beyond its initial phase, continuing efforts to provide more direct homeownership opportunities for members in the future.