Housing trust looking for buyers for new homes
(CNS): The National Housing Development Trust is looking for buyers for its new homes in Bodden Town, East End and West Bay. Officials said there are 20 homes in Bodden Town six have two bedrooms costing $105,000 each and 14 are three-bedroom homes selling for $120,000 each. Once it has completed the applications for houses in Bodden Town the NHDT will be review those for eleven houses at the new sites in East End where three homes are available and in West Bay where eight homes available. The Trust is facing some controversy currently after being forced to tear down the original homes and re-build properties that are considerably more costly that many original buyers simply can’t afford.
At a recent meeting in West Bay where a significant number of owners are behind on mortgages and are set to lose their homes, the Trust board also revealed that it will no longer provide the mortgages for buyers meaning that any potential purchaser will need to go to the private banking sector effectively pushing the new homes out of the reach of most of those in greatest need.
Targetting lower wage earners who may be able to find the necessary deposit money and fees which is in excess of $12,000 as well as persuade the banks to give them a mortage, the trust said it is trying to negotiate better deals with the high street banks.
To qualify for a home applicants must be Caymanian or hold Caymanian Status and live in Cayman, be a first–time home owner and plan to occupy the home, earn no more than $30,000 per year for a single applicant or less than $2,000 per month and for families less $45,000 per year or $3,750. Applicants must be employed for at least six months, or self-employed for at least two years and be in the age-bracket required for repaying a mortgage.
The Trust plans to construct additional affordable homes in the various districts, and will issue a public notice to invite applicants when homes are available. There are also other services, including the “Build on your Own Property” assisted-housing scheme.
Officials said residents who have previously submitted an application for an affordable home in their district should provide the National Housing Development Trust (NHDT) with updated personal information as soon as possible.
Potential buyers have until Wednesday, 11 June to submit all the informaiton and documents to the National Housing Development Trust’s office in the Cayman Centre; located across from the Airport Post Office, at 118 Dorcy Drive, Building E, Unit 4.
Required documents are:
• Completed Application Form
Certified copies of:
• Certificate of Caymanian Status/Right to be Caymanian
• Letter of Permanent Residence, plus Residency and
Employment Rights Certificates
• Original birth certificate
• Original marriage certificate (if applicable)
• Divorce decree, if applicable
• Data/photo-page of current passport
• Data/photo-page ofspouse’s current Cayman Islands Passport
• Original birth certificate of spouse, if applicable
• A current local Police Clearance Certificate (original) for both applicants
• Spouse’s death certificate, if applicable
• Current employment letters for both applicants (if applicable)
• Credit references for both applicants (from personal banks)
• Original of child’s birth certificate (under 18 years, who live at home)
• Proof of school enrolment, or copy of child’s last school report (for all minors)
• Personal-reference letter from landlord/relative (if applicable)
Category: Local News
I saw on Ecay last week where a developer is selling units in West Bay for a little over $80,000 and also offering other financing options. These are perfect for a single person or young couple. I went with a friend to look at and they are small but functional. The strata is a little over $200 and covers garbage, insurance and landscaping fees.
While I was there I found out that a young man I know bought one of these and he's in his early 20's and is very happy with his purchase. The NHDT should be assisting persons to place them in places such as this instead of young people spending much more in rent when they could have a roof over their head.
The young man told me that he has a mortgage payment under $500, Strata $250 and his water and light do not exceed $180 combined. So for under $1,000 he has his own place and can one day himself resell it to build a home or use it as equity to build a home and rent it out for additional income.
Worth a look..if I were single or it was just myself and my wife I would definitely be considering one of them. These were the links I found.
http://www.ecaytrade.com/detail.php?id=637352
http://www.ecaytrade.com/detail.php?id=637348
P.S. CNS: Dis Gov't release what the cost was to build these homes?
Since I got Divorced, I decided I would not go heavy bank into the bank. So I built a 290 SQ ft home, designed by George Manderson (Architect). It has 13 Ft ceilings and includes a bedroom/standard bath and Kitchen (Concrete) with stackable washer and dryer etc…..I have a 10K BTU A/c
All for $ 23,400.00 CI. My electricity has never been above $ 100.00 per MT, even with A/C etc….MY water less than $ 40.00……
I am a qualified CPA (Certified Public Accountant ) and Caymanian. My insurance was only $ 465.00 per year. Pay it once then forget about it.
I take home roughly half of my salary per month and have savings in credit union…..I live on canal on a .35 Acre land and love it. Eventually I will build a 400 SQ ft bungalows for each kid…..
My girlfriend complained that it was too small and she needed space. I told her if she need space., go outside….That relationship ended abruptly……HA HA!
Morale of it is, I love it! I comfortable and love to have savings in bank and able to travel more often etc….
My Neighbor has a 3000 SQ ft house and the bank ( I am being told by him) forclosed and trying to sell it…
Caymaninans wake-up banks are becoming rotten rich off us???—you don't need a mansion to be happy????
So unless my friend Jumps as hard as he can the deadline for this will pass. Its too bad he did not know the folks putting this deal together or he would be ready. ( I would still have to loan him $ for the downpayment )
That said the marl road says you get to live in the house 5 years then move out for 1 year someone else gets it for a year and then the buyer gets it back.
Has anyone else heard of this? This is what he was told about the vacant homes when he enquired. I could not believe what he was saying.
While home ownership is an extremely important issue, single-dwelling homes are perhaps not the way to go. Houses are expensive to maintain. Not only do homeowners have to pay the mortgage, they also have to budget for repairs, as well as routine maintenance. Rooves, a/c units, doors, washers/dryers, you name it, they all need routine maintenance and/or replacement at some point. In today's world of consumerism, nothing seems to last past the ten-year mark, meaning new purchases well before the mortgage is paid off.
Is it fair to expect people on fixed or low incomes to be able to afford all of the upkeep? The stresses of mortgage payments, insurance, and then maintenance are huge for most of us.
Would it perhaps not be fairer to build apartment buildingd, say 3 storeys high, that could house, let's say, 12 apartments each? These would be much cheaper to build, per unit, and the maintenance would surely be much lower, and could be included as part of the monthly mortgage payment. Outdoor space for both adults and children could be a central park/playground area, maintained by Government so that it is always clean and safe. Let's face it, Government seems to have already lost a huge amount of money trying to make these houses work, perhaps it's time to try a different route?
Or perhaps I am just too naive?
The hope was that by making them houses you wouldn't have a concentration of people resulting in a 'slum' effect and (b) Government would not be in competition with the private apartment sale market.
Yes, there are counter-arguments to the above so no your question was not naive. No one has a good answer for 'affordable housing'. (Much less 'indigent housing'.)
Yes, these homes are heavily subsidized.
If you only make that little, it is pretty hard to put aside over $12000. AT these prices, the banks should be able to lend without much downpayment because it wouldappear that the houses may be worth more than the selling price.
This is not much downpayment. Its 10% of asking value vs the usual 20% IIRC. Remember the problem that so many people (including those currently in affordable housing they can't afford) have run in to being sold a product at '0% down' only to find out they can't make the recurring costs. If you can't save somethign agaisnt the cost of the home then you probably can't afford the home after you get the loan. Sad facts but asking for 'less down' won't help.
Given the woeful inadequacy of mortgage enforcement and debt collection laws in Cayman, and as someone who has deposits with the banks, I would be very unhappy if they loaned to anyone without a very substantial deposit. Banks are not charities.