Minister of Housing Dwight Sutherland has dismissed claims that the National Housing Corporation’s rent-to-own programme is inactive. He asserted that it remains fully operational and continues to offer low-income earners a pathway to homeownership.
Speaking in Parliament on Tuesday, Sutherland emphasized that the initiative is designed to help individuals who may not qualify for traditional mortgages. He stated that it remains a cornerstone of the government’s housing strategy.
View Barbados Luxury Properties for Sale
“The rent-to-own programme is an active one. When we announced the ten thousand housing revolution in 2022, our goal was to give those earning less than two thousand dollars a month the opportunity to invest in homeownership rather than spending on what we term ‘dead money.’ Many of these individuals are already paying rent,” he stated.
The minister highlighted that homes under the programme have already been allocated in locations such as Clifton in St Philip. Additional units will soon be available in Coconut Hall in St Lucy. He added that rent payments range from eighty to one hundred and sixty-one dollars weekly, with flexibility built into the system to accommodate the budgets of low-income earners.
Additionally, discussions are underway to extend the initiative into a thirty-year rent-to-own model. This proposal is currently under Cabinet review.
View Barbados Luxury Properties for Sale
Deputy General Manager of the National Housing Corporation, Roger Ward, confirmed that rent-to-own homes are presently available in areas including Greens in St George and River Crescent in St Philip. He explained that under the proposed thirty-year model, participants would contribute approximately thirty percent of their net income toward homeownership. This system ensures accessibility for lower-wage earners, such as gas station attendants.
“The intent is to provide an opportunity for those who would not traditionally qualify for mortgages to own their homes over time. If someone earns one thousand five hundred dollars per month, for example, their payment could be structured at around four hundred and fifty dollars monthly. This system allows them to gradually acquire the property,” Ward explained.
View Barbados Luxury Properties for Sale
Sutherland underscored the government’s commitment to financial empowerment and homeownership. He stressed that the initiative would help individuals build equity, improve their credit standing, and leverage their homes for future investments, such as their children’s education.
He further assured that all future social housing developments will allocate a percentage of units to the rent-to-own programme. Interested individuals are encouraged to apply through the National Housing Corporation, where assessments will be conducted based on income and ability to pay.
View all of our Properties for Sale in Barbados
