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BERMUDA | RSS PODCAST

UBP's housing policy

interviewed on housing by The Royal Gazette , Homes for those on low incomes are a focus of the United Bermuda Party's election manifesto.

Saying that to some extent the Island has become a victim of its own economic success, the Government has stated its aim to provide "affordable housing for Bermudians''.

The UBP's Keys to Partnership says building work is due to start on the three bedroom homes at Southside and those will be available on a leasehold basis to Bermudian buyers next year.

And to run alongside that scheme, it is hoped to persuade lending institutions to adopt a ten percent down payment mortgage similar to the one offered by the Bermuda Housing Corporation.

Also outlined in document is the aim to build 100 affordable housing units for families in need.

And in an effort to stimulate the private sector, the Government wants to work with property owners via low-interest financing to fund renovation and extension of homes for rent with the BHC.

Derelict homes are also targeted in a similar scheme, where the intention is to revamp 100 derelict homes and return them to the housing market.

Unused Government housing stock could become affordable apartments and financial help may assist private developers to convert other vacant lots.

The UBP has also undertaken to conduct an annual review of the system used to determine financial assistance for those people renting from the BHC.

HOUSING HSG