The Government has vested six parcels of crown land in Cayman Brac to the Sister Islands Affordable Housing Development Corporation to be used to build 15 affordable homes for Caymanians.
Leader of Government Business Kurt Tibbetts tabled the required report on the vesting in the Legislative Assembly Wednesday.
‘The six parcels are being donated by Government specifically for the purpose of facilitating the construction of two and three bedroom houses for sale to those Caymanians who may not otherwise have the opportunity to afford their own homes,’ Mr. Tibbetts said.
The land, which is near Tibbetts Turn Road in Watering Place, consists of 6.58 acres valued between $330,000 and $380,000 by three valuators.
Mr. Tibbetts said the Sister Islands Affordable Housing Development is a government-funded, non-profit company established in 2006. Its task is to facilitate the construction and sale of quality affordable housing in Cayman Brac and Little Cayman ‘to those Caymanians who may not have ready access to traditional residential mortgage funding as offered by the commercial retail banking institutions’, he said.
‘The [SIAHD] will assist successful applicants in securing financing from a funding institution,’ he said, adding that Government was also assisting with planning and construction management expertise.
‘I am pleased to report that Government seed money of CI$800,000 to fund construction of the first phase of homes on the Sister Islands is in place and 10 successful applications have been received on Cayman Brac,’ he said, adding that construction had already begun on four homes.
‘Construction on four more is anticipated to begin before the end of the year, which means that in the next year we will have provided homes for 80 per cent of the successful applicants in Cayman Brac.’