Barbados National Housing Corporation (NHC) is increasing its stock of housing for Bajans caught up in an expensive housing market fuelled by overseas property buyers. The NHC has also been working to improve existing housing stock by carrying out renovations and electrical upgrades in several housing developments
The focus of the NHC which is headed by Honourable Michael Lashley MP is to provide housing for low-income households, however the government may extend its housing programme to middle-income earners who also struggle to get a foot on the property ladder.
Barbadian real estate is at a premium, with those living on the island competing with affluent international real estate buyers paying in US dollars and pound sterling.
In May 2009 The National Housing Corporation (NHC) launched the Housing Every Last Person (H.E.L.P) Rent-To-Own Pilot Project which assists low-income earners (who make no more than $3000.00 per month) to own a “piece of the rock”.
Under the Rent-To-Own programme, applicants will have to enter into an agreement for seven (7) years, pay two months deposit as security and then make monthly payments equivalent to 30 percent of income as rent for seven years.
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