Davis Government, fulfilling commitment to provide housing for Bahamians
NASSAU, The Bahamas – The Hon. Philip Davis, Prime Minister and Minister of Finance, has underscored the government’s commitment to “strengthening” and “deepening” its “unmatched” legacy of providing access to decent, affordable housing to Bahamians.
“My government is acutely aware of the current housing shortage in The Bahamas and the backlog of housing applications at the Mortgage Corporation of The Bahamas (BMC),” said Prime Minister Davis.
“Our BMC Executive Chair, Barbara Cartwright, is committed to expediting those applications and assigning without delay, suitably qualified housing applicants.
“I believe the number of applications at BMC in just the last eight months is in excess of 3,500. This housing demand suggests that we move with urgency and dispatch.”
In this vein, the government, Monday, along with stakeholders, unveiled The Renaissance at Carmichael, a housing sub-division on 70 acres of crown land off Carmichael Road in Western New Providence.
Executives of the government and public-private partnerships (PPP) participated in a ceremonial signing of a Memorandum of Understanding, May 16, 2022 at the Office of the Prime Minister, which will allow Bahamian families the ability to open the doors to 200 new homes.
The subdivision is being funded by a PPP arrangement between the Government, a $20 million backing from PROVEN Wealth Ltd. through Simplified Lending, the Mortgage Corporation of the Bahamas and financiers.
Dignitaries in attendance: the Hon. Jobeth Coleby-Davis, Minister of Transport and Housing; the Hon. Vaughn Miller, Minister of the Environment and Natural Resources; the Hon. Pia Glover-Rolle, Minister of State for the Public Service; Leroy Major, Executive Chairman, Bahamas Agricultural and Industrial
Corporation; Nicole Campbell, Secretary to the Cabinet; David Davis and Antoinette Thompson, Permanent Secretaries; Barbara Cartwright, Chairman, Bahamas Mortgage Corporation; Oral Lafleur, Acting Chief Housing Officer; and Thomas Ferguson, Acting Director of Housing. Representatives of private sector partners: Robert Pantry, Founder and CEO, Simplified Lending; Johann Heaven,
President and CEO, PROVEN Wealth Limited.
Prime Minister Davis assured that as the economy fully opens and grows, the government expects to expand PPPs in other areas of national economy including public infrastructure providing investments, ownership and job opportunities for Bahamians.
Minister Coleby-Davis said the initiative will set a new standard in affordable housing by which other housing developments will be measured.
She described today’s signing is an “historic” milestone which can be attributed to the commitment of the government to bring to fruition a concept from an idea to reality.
“With this project we intend to create an estate where a sense of community thrives. There will be lit streets, sidewalks; a park where children can play safely and family gatherings can take place.
Neighbors will be able to come together and interact as our families were able to do many years ago.
Formerly known as Carmichael Village Sub-division, the community will comprise 104 single family, two and three-bedroom residences, and eight two-storey condominium buildings with 12 units each.
In a video presentation Minister Coleby-Davis said, “Thanks to Simplified Lending, a Bahamian company which secured funding through a leading regional finance company called PROVEN. Many who only dreamed of home ownership will be able to walk through the front door to their new lives in less than one year.”
She informed that homes will be built to the highest quality with steel frame construction, storm-rated windows and doors, attractive facades and strong concrete foundations raised three feet above road level.
“Thanks to careful design, planning and exemptions on certain building supplies, every home will remain in the affordable price range opening doors to home ownership starting at $130,000,” she said.
Mr. Heaven said, “This transaction today will be primarily funded through the Bahamian portion of our Heritage education fund which is a regional education savings plan that is over 30 years old and is a household name for saving for your children’s tertiary education.”
The government broke ground for Pinecrest Sub-Division, a 43-lot community in Southern New Providence in January of this year.