The Bahamas Mortgage Corporation (BMC) has been offered the opportunity to buy a selection of homes that have been foreclosed by commercial banks at a "fraction" of the homes' value, Minister of Housing Kenred Dorsett told the House of Assembly yesterday.
"This presents an opportunity for the Bahamas Mortgage Corporation to acquire properties at a reasonable cost, invest minimally in the retrofit of such properties and make the same available for qualified applicants for BMC," Dorsett said during his contribution to the debate on the budget communication.
The minister said Cabinet has approved the appointment of a foreclosure review committee that will draft a policy for the proposed plan.
Dorsett also said that BMC's mortgage delinquency rate has had a moderate reduction to 36.42 percent as of April.
"Upon taking office I mandated that the Bahamas Mortgage Corporation do what is necessary to make the corporation financially healthier," he said.
"In the past year, the corporation has worked towards this end by consistently contacting delinquent clients to come into the office and cut costs while maintaining efficiency."
Last week the Ministry of Housing signed a memorandum of understanding with the National Insurance Board (NIB) for a $60 million loan that will fund home construction.
The first phase will cost $10 million and will consist of more than 120 homes in subdivisions where there is already infrastructure.
Dorsett said his ministry plans to provide more than 1,300 homes for Bahamians through the sale of lots and home construction over the next four years.
The Southern Shores MP also told the House that the bothersome derelict vehicle site on Marshall Road will be relocated to an identified location near the city dump.
The current site has concerned residents in Southern Shores due to frequent fires and smoke that come from the location.
"The identified site for relocation of the derelict vehicle site will ensure that the operation is out of the view of the general public and in a commercial area where it ought to be," Dorsett said.
He added that his A is working on a timeline for the site relocation.
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