The government has approved a rent-to-own programme for select units at the Booby Alley housing development, offering additional pathways to homeownership for eligible residents.
Director General for Communications Maurice Merchant said the initiative will apply only to remaining units after former residents are resettled.
“Cabinet’s decision to implement the rent-to-own model… will be for remaining units of the 150 units,” Merchant said, noting that individuals who previously lived in the area will receive priority through an exchange arrangement.
He stressed that the programme does not apply to the entire development.
“Government is not instituting a rent-to-own for the entire Booby Alley project,” Merchant said. “Persons who lived in Booby Alley before… will be receiving their units as promised.”
The remaining units will be made available to other applicants under the rent-to-own model, which is designed to make homeownership more accessible.
“We are giving you the opportunity to own a unit… at affordable rates to ensure that more individuals… own property in Antigua and Barbuda,” he said.
The Booby Alley development, located in the Point area, is part of the government’s broader housing and urban renewal programme and will deliver approximately 150 modern condominium units.
Officials said the rent-to-own approach aligns with wider efforts to improve living conditions and expand access to housing, particularly for individuals who may not qualify for traditional mortgages.
“The aim is to ensure that an individual can afford to own their own home,” Merchant said, adding that pricing will be guided by affordability and market conditions.
Details on eligibility, pricing and management of the development are expected to be released closer to completion of the project.
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Lovell should take some credit for pushing for a rent to own option for this and other housing developments.
I would not agree with implementing this rent to own concept. It is an administrative and legal nightmare year later. I have seen it in Europe and they have stopped it.
You would need to have two rental rates structure. And people must know every step of the turn what their equity in the home is. The administration alone of this concept is labour intensive and cost prohibitive. Let people save their monies in a savings account at a bank and just pay the rent. There are so many unforeseen variables that come up over the years. Death of the tenant, immigration, moving to another community, lost of income. Just to name a few.
We need to keep it simple (KISS). You rent or you buy or we give you a property in exchange for what they had.
Guyanese and Santo Dominicans are going to clash with Antiguans in this project.
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