One hundred and fifty Dominican youths under the age of 40 are to benefit from a grant of $10,000 each for personal house construction. The potential beneficiaries must be first-time house owners with an annual salary of less than $100,000. Eligible beneficiaries must also possess approved building plans and must have commenced the construction of their desired houses or require funds towards the transfer fees for buying a new house.
This disclosure was made by Prime Minister Roosevelt Skerrit during the recent budget presentation before Parliament. According to him, his government is setting aside $1.5 million to support Dominican youths towards constructing their own homes even though the DLP administration is building houses and giving it away to families for free.
Skerrit said the grant can be used to purchase building materials or put down as down payment or transfer fee for a house. The grant will be administered by the Ministry of Youth Development and Empowerment and available from October 1, 2020. Those who desire to buy houses must provide notice of intention to sell as well as proof that they had obtained the necessary financing for the project.
“We have more than doubled the mortgage interest deductions allowable for income tax, have made funds available at the Government Housing Loans Board and at the AID Bank, for access by public officers and citizens in general,” he said. “It is our desire that everyone, particularly our young people, will take advantage of the opportunity during this very favorable period, to invest in the purchase of properties and construction of their homes.”
The temporary reduction in fees for transfer of land as well as the mortgage grant will enable many first-timers to own homes they construct by themselves, and registered families can continue to expect their own houses under the country’s housing programme.
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