Prime Minister Dr. Hubert Minnis yesterday defended his government’s plan to develop a new subdivision in western New Providence geared toward young professionals, hailing it as a means of empowering Bahamians.

Minnis made the comments during debate on a resolution to allow for the development of a residential community in western New Providence geared toward young professionals, and the transfer of said land from the treasurer to the government for the sum of $10.

The resolution was passed in the House last night shortly after 10 p.m.

Minnis touted new details about the community, including the construction of a pre-school, a savings on architectural fees and also protecting the ecology of the area. 

The community will be comprised of 83 acres of land, located north of John F. Kennedy Drive, between Prospect Ridge and the Ministry of Public Works and will feature a clubhouse, pool, parks and a preschool.

Minnis said there will be roughly 250 lots. Forty percent of the lots will be multi-family, available for purchase at $50,000, and 60 percent of the lots will be single-family, sold for $40,000.

He said the lots will be worth $150,000 once the infrastructure is in place.

“We consider a professional as someone who is accomplished in his or her field, sufficient independently to sustain a mortgage or the financial responsibility for a residential dwelling in the community,” he said.

“This community is not restricted to a particular type of academic or professional training.

“You don’t have to be a lawyer, doctor or engineer to qualify. To be eligible, you must be a Bahamian, 45 years or younger, who is a resident in The Bahamas.

“Even though this subdivision is in New Providence, Family Island residents are eligible to apply. Applications are to be made by individuals or married couples.

“Two or more people may also apply. However, financial institutions will assess the risk determination of such applications. Only first-time homeowners are eligible.

“The first-time homeowner’s status will be confirmed with the Registrar General’s Department and the Department of Inland Revenue.

“An applicant may only be eligible once and may only acquire one property in any such government home owning initiative. The application and application process are being finalized as are other details. 

“It is anticipated the application process will open to the public this summer.”

Minnis said the government will also waive customs duty on all building materials and appliances for homes within the community.

Minnis assured that the application process will be transparent and objective.

He said banks are “anxious” to lend money to young Bahamians who apply.

“The committee has already spoken with a number of banks, Mr. Speaker, who are anxious to come onboard and provisionally, they have stated that individuals would not have to come up with any down payment, which is one of the greatest obstacles to home construction,” he said.

“And that will be possible because the equity would be so large.

“And Mr. Speaker, banks that we have not spoken to, those other banks have called and stated that they, too, would like to be a part of this program.”

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