Former Booby Alley homeowners could be required to finance the difference between the assessed value of their previous properties and the price of replacement condominiums at Pelican Court, under arrangements being considered by the government of Antigua and Barbuda.
Cabinet spokesman Maurice Merchant said Thursday that mortgage financing is one option under discussion as officials finalise allocations at the 150-unit development, with residents expected to begin moving in January 2027.
Indicative selling prices ranging from EC$150,000 to EC$175,000 per unit were discussed during Wednesday’s Cabinet meeting, but no final prices have been determined. The National Housing and Urban Renewal Company will be asked to conduct further assessments.
“Where the assessed value of a former property is less than that of a new condominium unit, the difference could be financed through an appropriate mortgage arrangement,” Merchant said, emphasising that the option remains under consideration.
Asked what would happen to homeowners whose former properties were worth substantially less than the new units and who could not qualify for a mortgage, Merchant said the government envisioned working through the National Housing Scheme to develop affordable arrangements.
He said the scheme offers mortgages at considerably lower rates than commercial banks and would work with Pelican Court’s management to address occupants’ circumstances.
“The aim is to ensure that these individuals benefit from this programme and there are no hardships created for them,” Merchant said.
He did not announce specific mortgage rates, repayment periods or a final arrangement for homeowners unable to qualify for financing.
Prime Minister Gaston Browne intends to meet with former property owners as the government completes the allocation process, Merchant said. The prime minister told Cabinet that decisions must be fair, transparent and guided by the assessed value of former properties, previous occupancy and owners’ individual circumstances.
Former homeowners who lived in their properties will receive priority consideration for replacement accommodation.
For people who owned small properties in the former community but did not live there, Browne proposed either cash compensation or the opportunity to purchase a condominium by paying the difference between their former property’s assessed value and the new unit’s price.
Pelican Court replaces the former Booby Alley community in the Point area. According to Merchant, the development was financed through an approximately EC$50 million grant from the Chinese government and is intended to improve living conditions for more than 300 former residents.
The project replaces aging, substandard wooden structures with modern, climate-resilient accommodation, he said.
Occupancy is targeted for January 2027, allowing time to complete legal, administrative, landscaping, infrastructure and property management arrangements following the formal handover.
Cabinet also discussed water storage capacity to provide an adequate reserve for the development’s 150 households during interruptions to the public water supply.
Rules will govern occupancy, maintenance, waste disposal, parking and the use of shared areas. Merchant said residents will be informed of their responsibilities before taking possession of their units.
While the government has outlined the options being considered, final selling prices, financing terms and allocation arrangements have yet to be announced.
This article was originally published by Antigua News Room. Read the original article here: Former Booby Alley Homeowners Could Face Mortgage Payments for Pelican Court Units.