🏠 Cayman Islands government allocates $1M for affordable housing projects
Initiative aims to combat rising real estate prices and provide affordable homes for locals
The Sister Islands Affordable Housing Development Corporation (SIAHDC) is set to commence construction on two new housing developments on Bluff land, Cayman Brac, purchased by the Cayman Islands Government. Over CI$1 million has been allocated for the projects, named The Highlands and The Woodlands, with construction expected to start soon. The developments will comprise nine 2- and 3-bedroom family homes. 🏡
Wilbur Welcome, the acting chief officer for the Ministry of District Administration and Lands, stated that the ministry hopes to request quotes and proposals for construction in early 2024. This initiative comes in response to the rapidly rising housing costs and the shortage of affordable property for locals. Premier Juliana O’Connor-Connolly expressed the government's commitment to providing affordable housing options in light of the escalating real estate prices. 🏗️
However, the government's commitment has been questioned in the past. The last homes were handed over in 2019, even though funds were allocated to the SIAHDC in previous budgets. Auditor General Sue Winspear suggested that the two government-owned companies that build affordable homes, SIAHDC and the National Housing and Development Trust, should merge to provide better value to the public. The fate of the previously allocated funds for unbuilt houses remains unclear. 💰
