Above: downtown Nassau (CJ Photo)
By the Caribbean Journal staff
The government of the Bahamas has allocated $60 million for a range of home construction projects in the country.
The projects aim to “contribute significantly to increasing the market value of productivity in the country,” the government said.
The allocation is the result of a Memorandum of Understanding between the Ministry of Environment and Housing, The Ministry of Finance, the National Insurance Board and the Bahamas Mortgage Corporation.
It will involve the financing of home construction for what the government called “a long list of Bahamian applicants.”
The first payment of $10 million will go toward building 120 or more homes in existing subdivisions, according to Housing Minister Kenred Dorsett. After that, installments of $2.5 million will be allocated each quarter.
Construction will begin in the next month in New Providence and some Family Islands.