GREAT RESPONSE TO NHC TERRACE UNITS TRANSFER PROGRAMME

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Minister of Housing and Lands, Michael Lashley, has described the response to the National Housing Corporation’s (NHC) Terrace Units Transfer Programme, launched in April 2008, as “great”.

The Minister disclosed that by the end of January 2009, the NHC had collected $665,000 in rent arrears; and out of the 2,010 tenants who qualified to become homeowners, the Corporation had already received 1,682 applications for the transfer of title. 

Mr. Lashley outlined the basic conditions for owning the units, noting that, “once you can satisfy the Corporation that you occupied that unit for 20 years or more and owe no rent, then you qualify to purchase the unit… and you only have to pay minimal legal fees”.

He also revealed that the Ministry of Housing and Lands would soon publicise the ‘rent-to-own’ concept to “capture that rental sector that cannot go out on the private market and purchase a property”.

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