July 1, 2022

Cayman Islands: Sixteen affordable homes being built in Bodden Town

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A ground-breaking ceremony was held in Bodden Town today (Wednesday, 7 February 2018) for 16 affordable homes being built by the National Housing Development Trust (NHDT).

The houses are the first to be constructed in Phase 2 of the trust’s Affordable Housing Initiative. They are being built on a 10-acre site off Lake Destiny Drive, where there are already 20 affordable homes, which were constructed in 2012.

At a cost of around $2.5 million, the new development is being funded from previous NHDT house sales.

The homes will be made available to eligible Caymanians and should be ready for occupation in approximately three months.

”We are here on Lake Destiny Drive, which I think is most appropriate,” said Premier Hon. Alden McLaughlin. “By building these homes we are, indeed, improving the destinies of many here in the Cayman Islands.”

Hon. Dwayne Seymour, Minister for Health, Environment, Culture and Housing said he was very pleased to see the houses being built for Caymanians who need help to buy their own homes,
“I am especially pleased that they are being built in my constituency, as there is currently a great demand for affordable homes in Bodden Town,” he added.

Councillor for Environment and Housing, Capt. Eugene Ebanks welcomed the beginning of construction of the Bodden Town homes and said he hoped West Bay would be the next district to benefit from Phase 2 of the Affordable Housing Initiative.
“It gives me great satisfaction to see ground being broken on this site and to know that 16 new affordable houses will soon be ready for Caymanians who need help to purchase a home,” he said.

NHDT Chairman George Anthony Powell praised the trust’s board of directors and operations staff for ensuring that Phase 2 of the Affordable Housing Initiative is now being implemented.
“I’m very happy that we are here today to celebrate the ground-breaking ceremony for the new homes in Bodden Town,” he said. “Our mandate is to provide home-ownership opportunities for Caymanians who would otherwise be unable to buy their own house, so it’s heart-warming to witness the work begin on these 16 new properties.”

The homes will be made available for sale at between $110,000 and $125,000. Eligible applicants must be first-time home-owners, with single applicants earning no more than $36,000, or joint applicants earning no more than $50,400 a year.
Once applicants have been pre-approved under the Affordable Housing Initiative criteria and financially assessed by the NHDT, they will be referred to local banks for financing.

The NHDT was incorporated in 2003 and its mandate is to provide affordable housing opportunities under its various programmes. The NHDT is a government-owned not-for-profit company, registered under section 80 of the Cayman Islands Companies Law (2002 Revision). The trust’s mandate/remit is to provide home-ownership under its various housing programmes.

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