🏡 National Housing Development Trust reintroduces lease-to-own initiative

The National Housing Development Trust (NHDT) in Cayman is implementing new strategies to boost the availability of affordable homes. The housing market has become increasingly unaffordable for local residents, with escalating prices driven by foreign billionaires seeking sunny retreats. The NHDT, granted a budget of $15 million for the next two years, will be extending the Home Repairs Programme and reintroducing a lease-to-own scheme for individuals who find it difficult to secure mortgages. The aim is for participants to fully own their homes after five years. 🏘️

The previous PACT government had set up a cross-ministerial task force to address the growing housing crisis in Cayman, where the cost of buying or renting a home is now beyond the reach of many ordinary people. The new UPM government, which took over the task force, has revealed very little about its findings or its plans to address the problems created by the lack of affordable housing. The NHDT, which remains the only entity building social housing, said in a release that its immediate priority is to accelerate the construction of new homes. 🏠

In collaboration with the Ministry of Social Development, the Home Repairs Programme will now include houses not built by the NHDT. This initiative allows homeowners who might not otherwise be able to afford necessary repairs to maintain a dry, safe and livable environment. “The National Housing Development Trust has to keep evolving in order to meet the needs of our community,” said Andrew McBean, chairman of the NHDT board. The general manager of the housing trust, Julio Ramos, has resigned and will be leaving later this month. As a result, the NHDT has engaged local consultants Deloitte to modernise operational frameworks and put in place new procedures to allow the organisation to scale up operations while the board recruits a new general manager. 🏗️