THE Government intends to introduce a new $250 million housing programme, Home Ownership Providing Energy (HOPE), very soon.
This was proudly announced by Governor General, Dame Sandra Mason, during her recent Throne Speech.
She explained that this new housing programme will feature the construction of 1,000 affordable homes intended to be offered to police, nurses, teachers and other civil servants who are earning $4,000 a month and under.
Lands at Todds plantation near Four Roads and other lands near Chancery Lane have been identified as the location for the first 200 homes.
“The total cost of the scheme is over $250 million with the Government putting in $40 million. Mortgages on the homes will be less than the cost of renting similar-sized homes,” she said.
“All homes will be energy-efficient and solar-powered. The way the scheme will achieve that is by the Government using the $40 million in the Housing Credit Fund, plus lands given to it through planning gains. These are achieved when developers give land for affordable housing in return for receiving planning permission on a major development project.
“Small builders who can prove they can build to the right specifications will be given priority in the awarding of the HOPE housing construction contracts. HOPE offers a real opportunity for home ownership and expands the concept of Barbadians as a property owning people, with all the benefits that come with property ownership.”
Dame Sandra explained that the HOPE scheme would operate in such a way that the cost of land, mortgages, and construction will be reduced and real value will be given to purchasers who will get land worth $20 or more per square foot, for no more than $12 per square foot.
She stated that included in HOPE will be a training programme for women in construction fields such as electrical wiring, painting, tiling, and related fields to increase their access to jobs.