A private building contractor is offering “working class” Barbadians the opportunity to own their homes through a rent-to- own programme.
Renaldo White, director of Caribbean Housing Solutions Ltd., said his company would offer about 25 Barbadians the option to rent-to-own in a new housing development called Sunset Haven.
White revealed this during a recent house opening ceremony at South View, Kent, Christ Church, where he has partnered with the Cooperative Investment Fund (CIF) to build turn-key middle income houses in the price range of $350 000.
He told the gathering that his business was a land development company specialising in low income housing solutions.
White said the 30 three-bedroom, two-bathroom houses at South View were being built complete with tiles and cupboards, and home owners were also being given the opportunity to choose their designs and finishes.
He is also undertaking housing projects at Chancery Crescent and Inch Marlow Courts and Sunset Haven, to be launched next month.
“Sunset Haven consists of 101 lots within the first three phases with an additional 41 lots. That project is geared towards low income owners, whereas we will have housing solutions from around $150 000 house and land to $260 000. I also intend to start another initiative as it relates to rent-to-own housing solutions at that site.
“In the third phase, the company will offer around 20 to 25 ordinary working class Barbadians the option to rent their home with the idea of owning it. We already have 15 persons chosen ready for that initiative, but it’s something that is really needed in Barbados as it relates to affordable housing,” White said.
Oriel Doyle, president of the CIF, called the housing project at South View, a historical moment for the cooperative.
“This is history in the making. We are about to witness the ultimate realisation of what the cooperative model can achieve,” he said, pointing out that seven years ago a group of cooperatives banded together and formed the CIF.
“This excellent housing project is an example of how cooperatives can contribute in so many ways to the social and economic development of our country,” Doyle added.
Guest speaker Minister of Housing Dwight Sutherland lauded the housing projects as he pointed out that Caribbean Housing Solutions would be the first private sector company to offer rent-to-own housing, a concept only undertaken by Government.
Regarding the CIF project, Sutherland complimented the cooperatives for developing the entity which he noted that, like the credit union movement, would empower many Barbadians.
“The founding fathers of the Cooperative Investment Fund decided formally that the Cooperative Investment Fund would be a company founded entirely on cooperative principles only, and would not be a credit union, but a democratically owned and run society.
“The basis for this decision was that there were already other credit unions in existence and the Cooperative Investment Fund had no plans of offering credit to consumers. That would be done by the other credit unions. This novel approach by the credit union movement to create an investment fund must truly be lauded,” he said.
“We are especially pleased that the land being developed is in an area appropriate for residential use. This development is in close vicinity to the Gymnasium and highway and well placed for transport, which makes it an attractive location.
“The best part is that these 30 homes can withstand Category 5 hurricanes, which is commendable. This has been tested and substantiated by reputable engineers. That is important. The forward-thinking design of this project, which incorporates the hurricane-resistant elements like the flat roofing, the vibrant colours and open-plan concepts is also noteworthy. This is the type of cutting-edge technology which my Government is encouraging and using in the housing sector,” Sutherland said.
The post Minister praises rent-to-own housing project appeared first on nationnews.com.
