Gov’t assures Joe’s Hill homes not for investment buyers
Social Development Minister Marlon Penn has given assurance that the housing units at the Joe’s Hill Housing Development on Tortola will not be sold to persons who are looking to use them solely for investment purposes.
The Joe’s Hill Housing Development is the responsibility of the Social Security Board and was recently completed at a cost of $26,666,905.02.
One of the main aims of the project is to enable residents who are first time homebuyers to get access to affordable homes. During a recent sitting of the House of Assembly, At-Large representative Carvin Malone asked Minister Penn whether the housing units are still being offered exclusively to first time homebuyers.
Malone also asked whether considerations are being given to persons wishing to purchase units for investment purposes, only.
In response, Minister Penn said, “the short answer to that question is no. Measures are being put in place to prevent the homes from being purchased or used for investment purposes. Property covenants will require the units to be occupied by homeowners as their primary place of residence; and would also regulate any subsequent renting, leasing, or disposal of the units by homeowners in extenuating circumstances.”
The Joe’s Hill Housing Development has 25 buildings, comprising 52 residential units plus commercial rental space.
Minister Penn revealed that some applicants have already been verified by the Social Security Board and are now actively seeking pre-qualification for financing from the banks of their choice, as part of the Board’s selection process.
The Minister also said the allocation of homes will primarily depend on the actual number of applicants that are pre-qualified for bank financing.
“At the end of November 2022, if there are more pre-qualified applicants than available units in a particular category (based on the size and style of unit selected), then a randomized selection procedure may become necessary to ensure transparency in the allocation of those units,” Minister Penn said.
After that, each selected applicant will be allowed up to 90 days to finalise a mortgage and complete the property purchase transaction.
The units at the Joe’s Hill Housing development are a mix of one-, two-, and three-bedroom condos, single-family homes, and townhouses. The government said they are to be sold at fair market value to qualifying first-time homeowners who would occupy the property as their primary residence.
Only BVIslanders, Belongers or residents who’ve lived in the BVI for the last 20 years can qualify for the homes. Persons must also be first-time homeowners and must occupy the property as their primary residence.
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thats more than $1/2million for each unit to build
What are the units going for?
So – based on the numbers presented here the spent an average of $512,825 per residential unit. We have been robbed, again.
anything they say is the opposite
Is the government going to build some affordable APPARTMENTS and when are going to get our own lottery ,those two things will bring a steady income to the economy and its more constructive than a lot of sh*t that they are squandering our taxpayers money on , and we all know that ?
NEEDS TO BE IN HOLLYWOOD , WE GETTING THE MESSAGE ON THE GAMES THAT IS BEING PLAYED WITH OUR TAXPAYERS ? ?
13,333,094.98?
No, because the price would include paving the road ways, the parking, retaining walls and other things like that. Also, that price includes other things such as the purchase of 7 acres of land, street lights, etc. There is also a commercial building on the property. Your simple division of price divided by available units ignores all of that.
Glad to see someone else did the math.
So 52 units at $513,000 each. Are they fully furnished? What are they being sold for?
Also… Not the best option for first time home buyers.
How is this not fraud? nearly $27m to build 52 units? As others have shown the math that’s over $500k per unit? How is that value for the taxpayer? Is anyone even asking these elected officials or is there simply no accountability anywhere in this place?????
If you are an average income earner,taking up a mortgage, ensure to have one or two of the units of the property for rent. That way, the rent Income would augment your monthly loan repayment otherwise, you are likely going to be a servant of the lender in perpectuity. It is my advise that young people do not take car loan to purchase brand new cars. As a secondary school or college graduate, save money for a period of time and import a used car or buy used but serviceable car locally at a good bargain. Most of the banks will give you peronal loan and not to import used cars. It is going to be hard to have all the apartments at Joe’s Hill sold if the residents would not be allowed to make any income on the side. Except we have enough highend earners around who were never affected by events of the last 5 years
You still have to take all these factors into account so yes the average COST is in excess of $500k. The cost was paid out of Social Security contributions, if not recouped the SSB is once again robbing hard working people out of a decent pension. It will be interesting to hear what the estimated market value is – if lower than cost its another robbery.
How can you make such rules? If the situation of a home owner forces him to go off-island for medical treatment or a job he will not be permitted to rent his place. If he moves up in life and is able to afford a nicer place he should stay in this unit? Is anybody in this government using their head? How can you rent out a unit anyhow with the monthly mortgage payments and HOA fees being much to high to recoup with rent-payments.