The Free National Movement (FNM) has promised introduce initiatives to facilitate rent to own policies in The Bahamas, its recently released Manifesto 2021 stated.
The 80-page document highlighted plans that would impact the real estate sector among other things, noting that the rent to own initiative would be made available to qualified individuals and businesses.
In particular, a Hubert Minnis led administration promised to, in its second term in office, “facilitate the introduction of a National Real Estate Investment Trust with public and private sector investment capital to address the many distressed properties”.
Along that line, the FNM said it would first repair all government-owned rental properties in inner-city communities before off-loading them for a nominal fee.
Other promises related to the access to land and home ownership include the party’s promise to launch the Bahamas Homes Initiative which would lead to the development of at least one major serviced lot on all major Family Islands.
Additionally, the FNM said it would make materials for home construction in government subdivisions VAT free and continue with the duty free and real property tax concessions that have already been implemented.
“Our administration has provided land to Bahamians across the archipelago via serviced lots and crown land grants,” the manifesto said.
“We intend to expand this initiative to ensure more Bahamians have access to land for home ownership. We believe that a primary function of government should be to work to ensure that more Bahamians can own homes.”
The FNM promised to extend first-time homeowners tax exemptions and continue with current land and homeownership policies including granting crown land, creating communities for young professionals and working with the Bahamas Mortgage Corporation to make home ownership available for more Bahamians.