Rent-To-Own Pilot Launch Rescheduled

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Minister of Housing and Lands, Michael Lashley??

The launch of the ???Rent-to-Own??? housing programme at Airlie Heights, Cave Hill, St. Michael, has been rescheduled as a result of the visit of United States Attorney General, Eric Holder, Jr.?? It will now be held on Tuesday, May 26, at 10:00 a.m. and not on Saturday, May 23, as previously publicised.

According to Minister of Housing and Lands, Michael Lashley:???? ???It is a very attractive concept that would capture those persons who cannot go out there on the private market and rent or purchase a property, or purchase a house from the State.???

???Rent-to-Own???, also known as ???lease-to-own??? or ???lease purchase???, is a contractual agreement between a tenant and a landlord for a specified period of time, usually five to seven years, followed by a purchase contract.???? Based on the terms of the contract, a portion of the rent is paid towards the eventual purchase price, and the tenant/buyer has the option of buying the property at the end of the specified term.

lbayley@barbados.gov.bb

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