Prime Minister Gaston Browne says the Booby Alley housing development could begin welcoming residents by September or October, with landscaping and other finishing work to be completed before the properties are distributed.

“Booby Alley is coming out quite nicely,” Browne said during his weekly radio programme. “We’re looking at September — probably October, because we want to landscape the area too before we give out anything there.”

He said the government intends to install plants and complete the surroundings before residents begin moving into the development.

The properties will be allocated in phases, with former Booby Alley residents who are receiving replacement homes given priority to return. Browne said some units will be offered through rent-to-own arrangements, but most recipients are expected to receive mortgages.

The government is considering whether the mortgages should be administered by National Housing or the Antigua and Barbuda Development Bank. Browne said allowing the Development Bank to manage the loans could also help strengthen its capital position.

“They’re going to be like social housing mortgages — so, very low interest rate and over a long period of time, maybe 20 to 25 years, depending on the person’s capacity to pay,” Browne said.

He said the government prefers mortgages because they would give residents ownership from the outset and encourage them to maintain their properties.

“From day one, you have title. It’s yours,” Browne said. “You have the pride of ownership.”

The development forms part of a wider redevelopment initiative supported by the government of China. Browne said the overall facility represents at least US$40 million in grant assistance.

This article was originally published by Antigua News Room. Read the original article here: Booby Alley housing development could begin welcoming residents by September or October.