11 Families Receive Keys to New Homes Through Rent-to-own Program

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SAN SALVADOR , BAHAMAS – For years, the government’s rent-to-own program has been giving hardworking Bahamians, from taxi drivers to hair braiders, a pathway to homeownership.

11 families in San Salvador celebrated that dream, receiving keys to their very own homes at the Road to Home Ownership ceremony that Prime Minister Davis attended. Our Evlynn Ferguson was there.

It’s about giving hardworking Bahamians a fair shot at homeownership, a pathway built on affordability and support.

Eleven families on the island of San Salvador receiving keys to brand-new homes through a rent-to-own program Monday morning.

During the homeownership ceremony, Prime Minister Philip Davis sharing what specific issues his administration worked on to make this all possible.

Philip Davis – Prime Minister

“That is why we have taken concrete steps to remove the barriers to Bahamians owning their own homes. You know, we introduced the homeowners stamp exemption. That was a barrier. We waived back on conveyances and mortgage instruments for first-time owners. That was another barrier. We raised the exemption threshold for real property tax on homes valued up to $300,000, helping to reduce the ongoing cost of homeownership for Bahamian families.”

Housing Minister Keith Bell says the rent-to-own program is opening doors for everyday Bahamians.

Keith Bell – Minister, Housing and Land Reform

“What we have done in the ministry is created this rent-to-own program whereby we put you in your home, and the payments go towards the principal, so it’s actually impacting the principal and bringing it down to a very, very lower amount, so that, in the event we are able to do a mortgage, then we do that. Otherwise, we roll it over again.”

And the effort is spreading beyond San Salvador.

Keith Bell – Minister, Housing and Land Reform

“We’re now going to Grand Bahama, which has been somewhat neglected. We are about to break ground for 18 homes in Herod’s subdivision. We have another 200-plus homes that are being built in scattered areas. In addition to that, we’ve already acquired a number of properties in the area called Garden Villas in Grand Bahama.”

For one of the youngest homeowners, 22-year-old Ashley Poitier, the milestone is proof that after watching her mother and choosing at a young age to go after stability, hard work and determination can make it happen early in life.

Ashley Poitier – 22-Year-Old Homeowner

“I am elated. I am so grateful to be at home, you know, especially at 22 years. I just hope that this inspires other young people to keep pushing and just don’t give up. Even at your young age, wherever it may be, school, in college, whatever you want to do.”