Bahamas Prime Minister delivers new homes to San Salvador families

Prime Minister Philip Davis handed over keys to brand-new homes to eleven families in Cockburn Town, San Salvador, through the government’s Rent-to-Own Initiative. The program is designed to assist Bahamians in overcoming financial barriers to homeownership by allowing payments to contribute toward the principal balance.

To support the initiative, the administration has implemented several measures to reduce costs for first-time owners, including exemptions on homeowner stamps, conveyances, and mortgage instruments. Additionally, the real property tax exemption threshold has been raised for homes valued up to $300,000.

Minister of Housing and Land Reform Keith Bell noted that the program is expanding, with plans to break ground on 18 homes in Grand Bahama’s Herod’s subdivision and further developments planned for Abaco and other communities.