The soon-to-be incoming UPP administration is committed to implementing a number of policies designed to create wealth for our young people, through land and homeownership.
To help new homeowners get on their feet, the new UPP government will provide young homeowners (up to age 35) whose homes were constructed under any of the UPP’s affordable housing programmes a $3,600 APUA voucher to be applied to utility charges for one year.
The UPP will also offer several “Flexi-Mortgage” Plans, provided by the Antigua and Barbuda Development Bank, that can be customized to suit your affordable housing needs. One of the options we are most proud of will be the ‘Family Mortgage’ that will enable up to three co-applicants to apply for a mortgage. Additionally, applying with a co-borrower allows for the co-borrower’s name to be included on the title, if the home is to be jointly owned.
Flexi-Mortgages will empower many more people to successfully achieve the dream of homeownership by allowing several individuals to cooperate to meet mortgage requirements. For example, a young couple could apply alongside a parent or an aunt with good credit as a co-borrower, strengthening the borrower’s application and improving their chances of success. In another scenario, entire families could cooperate to erect duplexes.
“Flexi-Mortgages will allow a new and unprecedented level of cooperation to achieve the dream of affordable home ownerships. I can imagine there will be situations where multiple generations within a single family will pool their resources to finally achieve the dream of a high quality home, which is a source of wealth creation.” says UPP Political Leader, Harold Lovell.”
Mr. Lovell further observes, “The UPP is proud to present a comprehensive pathway to affordable homeownership. We have eliminated the impediment of finding a down payment through our Rent-To-Own Programme. Securing traditional mortgages will now be easier thanks to the homeownership grants offered by our Buyer Assist Programme. And we will substantially lowering the cost of construction through the innovative Community Construct Programme.”
We additionally make a firm commitment that first-time land applicants will no longer be required to jump through hoops under the new UPP government; instead a seamless depoliticized process will be employed to speed up land distribution and homeownership without having to “check your Minister”.
