Housing Minister Jay Ebanks gave his parliamentary colleagues an update on the availability of affordable housing in Cayman on Monday.
He said the National Housing Development Trust was increasing the number of affordable homes across the districts, and had recently completed seven new homes in East End and three in Bodden Town. The trust is currently in the process of assigning these properties to homeowners, the minister said.
In North Side, he said, work is currently under way on 45 houses on 12 acres of land.
He added that phase 3 of the Lighthouse Gardens development in West Bay would break ground shortly. This was supposed to occur last month, but was postponed when Cayman entered a period of mourning following the death of Queen Elizabeth II.
Once phase 3 is completed, there will be a total of 55 affordable houses on the 9.5-acre property. There are currently 36 homes on the site.
Ebanks said the NHDT was also looking for vacant land in George Town to construct affordable homes in that district. He added one possible location was the Apple Blossom site, which he said was now going through the planning stage, and, if all goes well, construction could begin as early as the end of this year.
Ebanks said he had been assured by the NHDT that the new homes being built in the various districts were being constructed with higher quality materials and infrastructure than had been used previously.
He added that the plan is to make the new affordable homes energy efficient and to equip them with amenities that will “contribute to their overall value”.
Noting that, according to the 2021 census data, many Caymanians are earning less than $3,000 a month, and cannot qualify for a property loan, he said the NHDT board had approved an interest rate adjustment for 17 tenants, all of whom were over the age of 55, in its lease-to-own scheme, which would be applied retroactively.
“This is a measure that will greatly assist 17 tenants in East End, Windsor Park and Lighthouse Gardens that were still in the lease-to-own programme,” he said.
Their closing fees and administration fees were also waived, he added.
“We are doing this simply because we have to help with the burden that is placed on our senior citizens,” he said.
Reinstating mortgage assistance for first-time buyers
The minister said restarting the Government Guaranteed Home Assisted Mortgage programme, for first-time Caymanian buyers, was a priority for the PACT government.
He said the NHDT was continuing to work with existing clients under the programme, and would provide administration for new applications as part of a proposed new agreement.
“This will assist approximately 200 families, based on the headcount from the existing programme,” he said. “There is an ongoing and consistent demand for this level of assistance and we plan to reinstate this programme.
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