The Dominican government is planning to construct 5,000 houses within 5 years for sales to young Dominicans below the age of 45. The initiative will commence in Cotton Hill and Warner and spread to other parts of the country. Tagged the Future Housing Programme, the government said the objective is to enable Dominicans build generational wealth through house ownership.
PM Roosevelt Skerrit said the initiative is part of the DLP’s 2019 manifesto to provide quality housing to all citizens within and outside the country. He said it is the responsibility of the government to help vulnerable citizens own their own homes, and that his administration will do everything in its power to provide safe, resilient, and affordable housing to all deserving Dominicans.
The Minister for House and Urban Development, Reginald Austrie, said the Future Housing Programme will not only enable eligible Dominicans to become landlords, but that it will also raise the economic standards of living for all beneficiaries. He said the government has partnered with banks to provide affordable housing options at reduced interest rates to young professionals looking forward to owning their own dream homes.
Minister for Public Works Cassanni Laville said the new housing revolution is the best and fastest way to become a homeowner. He said the government will shoulder the housing construction and then sell to interested persons at cheaper market rates. Although the houses are for sale at greatly subsidized rates, the government will be satisfied if everyone is empowered this way.
It was necessary for a major policy shift to emerge to address the issues of affordability, quality of construction and compliance to building codes and standards, road access, availability of land, land tenure security, construction and material costs, services access, mortgage interests costs and financing, squatter regularization, land allocation, access to quality artesian, and the general organization within the construction sector.
Cassanni Laville, Minister for Public Works
In outlining the types and eligibility for qualification in purchasing the houses, Lisa Valmond, the permanent secretary in the Ministry of Tourism, said the homes will be in the form of two-bedroom apartments, three bedrooms apartments, and four bedrooms structures. She said it will only be available to Dominican citizens resident within and outside the country, and to persons who are profitably employed and under the age of 45.
Intending beneficiaries must be first-time homeowners who must also demonstrate their access to adequate financing to ensure they have the financial muscle to purchase the houses on mortgage. The first phase of the program will target Dominican residents within the country, and the second phase will be open to those residents outside the island. Potential buyers must be working at the public or private sector or even be gainfully self-employed, government officials stated.
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