Sutherland: rent-to-own programme still active

Minister of Housing Dwight Sutherland has rebutted claims that the National Housing Corporation’s (NHC) rent-to-own programme is inactive, insisting that it is fully operational and continues to provide a path to homeownership for low-income earners.

Speaking in Parliament on Tuesday, Sutherland reaffirmed that the initiative—designed to help individuals who may not qualify for traditional mortgages transition gradually into home ownership—remains a key part of the government’s housing strategy.

“The rent-to-own programme is an active one. When we announced the 10 000 housing revolution in 2022, part of our mandate was to allow those earning less than $2 000 a month—many of whom are already paying rent—to have the option to invest in home ownership instead of paying what we term ‘dead money’,” he said.

The minister noted that homes under the initiative have already been allocated in areas such as Clifton, St Philip, with additional units soon to be made available in Coconut Hall, St Lucy. 

He shared that rent payments range between $80 and $161 weekly, with further flexibility built into the programme to accommodate the budgets of low-income earners.

Sutherland also revealed that discussions are underway to extend the initiative into a 30-year rent-to-own model, a proposal currently under Cabinet review.

Deputy General Manager of the NHC, Roger Ward, confirmed that rent-to-own homes are currently available in locations including Greens, St George, and River Crescent in St Philip. 

He shared that under the proposed 30-year model, participants would contribute about 30 per cent of their net income towards homeownership, ensuring that even those in lower-wage jobs, such as gas station attendants, have a realistic pathway to homeownership.

“The intent is to provide an opportunity for those who would not traditionally qualify for mortgages to own their homes over time. If someone earns $1 500 per month, for example, their payment could be structured at around $450 monthly, gradually allowing them to acquire the property,” Ward explained.

Praising the long-term stability offered by the extended rent-to-own model, Sutherland reaffirmed the government’s commitment to encouraging financial empowerment and homeownership within a shorter timeframe. 

“It is my wish that we turn persons into bankable individuals, allowing them to build equity, improve their credit rating, and leverage their homes to invest in their children’s education and other assets,” he said.

The minister further gave the assurance that all future social housing developments will have a designated percentage of units allocated to the rent-to-own programme. 

Persons interested in the programme are encouraged to apply through the NHC, where assessments will be conducted based on income and ability to pay. (SM)