The fastest growing district in Cayman is about to get a housing boost from government.
Premier Alden McLaughlin presided over a groundbreaking ceremony in Bodden Town on Wednesday for Phase Two of the National Housing Development Trust’s Affordable Housing Initiative.
The government will build 16 new houses on Lake Destiny Drive over the next three months, and all of them will be paid for from proceeds of the sale of 20 homes from Phase One of the project.
Nine of the new homes will have three bedrooms and seven will have two bedrooms. The larger homes will cost $125,000 each, and the two-bedroom homes will be priced at $110,000 each.
“We are here on Lake Destiny Drive, which I think is most appropriate,” Premier McLaughlin said. “By building these homes, we are indeed improving the destinies of many here in these islands.”
Prospective buyers for the new homes must be Caymanian and first-time homeowners, and they cannot earn more than $36,000 per year for a single occupant and $50,400 for joint applicants.
Buyers who meet those criteria will be financially assessed by the National Housing Development Trust and referred to local banks for financing.
Dwayne Seymour, minister of housing and the elected representative from Bodden Town East, was thrilled to bring housing to his district.
“I can tell you that when I joined the government, I asked the premier to let me have housing,” he said. “I understand the importance of owning a piece of the Cayman rock. Bodden Town is a part of the island where there’s currently a high demand for affordable housing, so it’s extremely pleasing that we have been chosen as the first site for Phase Two of the Affordable Housing Initiative.”
The new homes, built close to the first phase of the project, will form a new neighborhood, and Mr. Seymour said they will be greeted warmly by the Bodden Town community.
“A home is something you feel proud of. It’s a fulfillment,” he said. “It’s a dream come true for many. It’s a true investment. You gain equity and you get peace of mind for your family.”