One hundred and fifty (150) young persons are expected to benefit from “grants to first time home builders” which is being provided by the Government of Dominica.
That announcement was made by Prime Minister Roosevelt Skerrit during his budget presentation for the fiscal year 2020/2021.
He said Government will make possible an amount of $1.5 million in a bid to support persons under the age of 40 years, whose annual income is less than $100,000, and are interested in acquiring a home of their own.
The Prime Minister said this support will be provided in the form of grant vouchers to a maximum of $10,000 per home for the purchase of building materials or to be put towards the transfer fees for the purchase of a new home.
“To qualify, first time home builders, must present copies of building plans approved by the Physical Planning Division and must have commenced construction with the secured financing required to complete construction of the building where they intend to reside,” Skerrit said.
He said, “In the case of first-time buyers of a home, notice of intention to sell must be presented along with evidence that financing has been secured. These grants will be available from October 1, 2020 and be administered by the Ministry of Youth Development and Empowerment, and is expected to benefit 150 of our young people.”
The Prime Minister also says the Dominica Government is cognizant of the fact that it must create an environment to encourage people to build their own homes despite its expansive housing programme.
“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.”
Skerrit added, “Government is going further this year, and is providing for a temporary reduction in the fees related to the transfer of land. 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.