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Today in History: October 10

THE BAHAMAS – On this day in Bahamian history, on October 10, 1983, The Bahamas Mortgage Corporation opened to the public in New Providence.

Published

2 months ago

October 10, 2024

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Bahamas Mortgage Corporation Anniversary

On this day in Bahamian history, on October 10, 1983, The Bahamas Mortgage Corporation opened to the public in New Providence.

The original offices were located on Thompson Boulevard in the current Michael Eldon Complex. In November 2020, the BMC found a new permanent home on East Hill Street.

Since the establishment of The Bahamas Mortgage Corporation, the BMC has provided over 5,000 Bahamians with funding for homes. The corporation has clients in New Providence, Grand Bahama, Abaco, Andros, Bimini, Cat Island, Exuma, and San Salvador.

Aftermath of Hurricane Joaquin

In 2015, after Hurricane Joaquin caused millions of dollars in damage to islands in the southern Bahamas, the Christie administration revealed that 65% of homes in Crooked Island had been damaged by the storm.

During the storm, an American cargo ship, El Faro, went missing near Crooked Island with 33 crew members. The ship sank, killing everyone on board.

Joaquin was the tenth named storm, third hurricane, and second major hurricane of the 2015 Atlantic hurricane season. The storm evolved from a non-tropical low to become a tropical depression on September 28. After becoming a tropical storm the next day, Joaquin underwent rapid intensification, reaching hurricane status on September 30 and Category 4 major hurricane strength on October 1. Making its way across the southern Bahamas, Joaquin’s eye passed near or over several islands.

Days after it devastated the southern Bahamas, then-Housing Minister Kenred Dorsett vowed the government would help rebuild homes in the impacted islands.

Kenred Dorsett – Former Housing Minister
“We do know that the Department of Housing in particular and the ministry as a corporation will have to do its part in the reconstruction efforts that will have to take place in the family islands. Once the government advances its reconstruction efforts, we would want those approved builders who are currently working for the Department of Housing to really prioritize getting their fellow brothers and sisters on the family islands back to a sense of normalcy.”