Nine parcels of land in the Sister Islands have been earmarked for affordable homes as a government-funded housing programme kicks back into action.
The Sister Islands Affordable Housing Development Corporation, which was dormant for four years from 2019 to 2022, regrouped this year and is already planning new builds.
The Finance Committee on Wednesday, 13 Dec., approved a $75,000 annual spend over the next two years for the programme as well as a $500,000 annual equity injection.
Wilbur Welcome, acting chief officer in the Ministry of District Administration and Lands, said the $75,000 is for operational expenditures including the audit.
“We don’t anticipate using up to $75,000,” he said, “but as we relaunched the programme, we’ve included incidentals in there.”
And he explained that the two $500,000 payments will pay for the construction of the homes.
“I’m happy to report that we’re currently going through the planning process, and we hope to be able to request for quotes and proposals for construction in early 2024,” he said.
Committee member Moses Kirkconnell asked how many planning applications had been submitted for new homes.
“We have nine parcels that we’ve allocated for new homes immediately,” Welcome said, adding that work on them will start next year.
Kirkconnell responded: “Well done. They’re desperately needed in the Brac right now.”
The government’s ‘Policy for Affordable Housing Development – Sister Islands’ was published in May this year.
It says the Ministry of District Administration and the programme board, will identify, acquire and develop land for affordable housing developments.
The developments will include all of the necessary infrastructure and the land will be subdivided into residential lots no less than 10,000 square feet, it adds.
“The cost of real estate in the Cayman Islands has increased exponentially,” the policy says.
“As a result of this, the gap between Caymanians and their ability to purchase affordable land and homes has widened.
“This policy aims to close this gap by restricting the sales to Caymanians only.”
The three-bedroom and two-bathroom homes will be built with cement and wired for central air conditioning. They will include tank-less water heaters and propane gas stoves.
There is also a provision to include hurricane shutters at the option of the client and at an additional cost, the policy says.
The programme is overseen by a board appointed by the Cabinet minister. The board is required to update the minister at least every quarter.
Applicants for the homes must live in Cayman, not be a homeowner, and must earn no more than $66,000 per year or $96,000 per year for joint applicants.
According to the government website, the lot size will be about 0.25 -acres and locations include Sunshine, West End and Spot Bay on the Bluff in Cayman Brac.
The house prices are not listed, but in Grand Cayman affordable homes range from $170,000 to $185,000.
The Sister Islands Affordable Housing Development Corporation has built at least 23 homes in the Sister Islands in the past.
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