NASSAU, Bahamas, January 13, 2024 – Continuing his government’s aggressive initiative to provide affordable housing for Bahamians, Prime Minister Philip E. Davis has announced that his administration is investing $20 million in a new housing development called Renaissance at Carmichael subdivision.
“We are constructing 200 new homes, putting affordable housing within reach for so many Bahamian families,” the Prime Minister noted in a post on his Facebook page today that accompanied a collection of photos of him touring the construction site.
He added, “We are going further than waiving VAT duties on conveyance and mortgage instruments; we’re directly reducing the costs for first-time homeowners. Additionally, we have raised the exemption for stamp duty on homes up to $300k and offered VAT refunds on construction materials and services. Reducing VAT on property transfers and eliminating it on land transfers between joint tenants is about respecting your heritage and valuing the land passed down through generations.
“We are introducing a Rent to Own program that will make it much easier for Bahamians to finance their dreams of homeownership. The Central Bank has already introduced new guidelines for domestic banks and credit unions regarding residential mortgages. Reducing the minimum equity requirement and eliminating mortgage indemnity insurance for lower down payments is a significant step forward.
“We are creating a country where every Bahamian can get ahead.”
