Sister Islands Housing

Fifteen affordable homes will be constructed on Cayman Brac on Crown land that has now been vested in the Sister Islands Affordable Housing Development Corporation. Construction has already commenced on four houses, the Leader of Government Business, the Hon Kurt Tibbetts said in the House this morning (Wednesday, 25 June).

Tabling the report on the vesting, he said that the land consists of six parcels covering nearly 6.58 acres of Crown Land in Watering Place.

"The six parcels are being donated by Government specifically for the purpose of facilitating the construction of two and three bedroom houses for sale to those Caymanians who may not otherwise have the opportunity to afford their own homes," said Minister Tibbetts who has responsibility for housing as well as District Administration.

He reported that Government seed money of $800,000 to fund the construction of the first phase of the homes is in place. Ten successful applications for affordable housing have been received on Cayman Brac and construction has begun on four of the houses. Construction on four more is anticipated to begin before the end of the year.

Attempts would be made to complete the houses of the other two successful applicants also during the second phase, he added.

Hon. Minister, DAPAH's Speech

For Tabling of Governor Vesting of Lands Reports

SISTER ISLANDS AFFORDABLE HOUSING CORPORATION.

Block 106E Parcels 44, 48, 49REM1, 103, 141, 175 (Cayman Brac)

Madam Speaker, I seek permission to lay on the Table of this Honourable House, one (1) report on Crown property that has been prepared in accordance with the requirements of The Governor (Vesting of Lands) Law, (2005 Revision). I confirm that, as required by the Law, the details of this land matter have been published in the Cayman Islands Gazette, Issue No. 6/2008 dated 25th February 2008 and a local newspaper -- namely the Cayman Net News on 25th February 2008.

Also as required by Law, three (3) valuations have been carried out on the subject property. Each valuation Report forms part of the overall Report and provides a general indication of the value of the property that Government now proposes to Vest.

Madam Speaker, the report deals with the vesting of Crown land located in the vicinity of Tibbetts Turn Road, Watering Place, Cayman Brac. The six (6) Parcels are being donated by Government specifically for the purpose of facilitating the construction of two and three bedroom houses for sale to those Caymanians who may not otherwise have the opportunity to afford their own homes. The land at Watering Place will enable the construction of approximately fifteen (15) dwellings.

The recipient of the vesting is the Sister Islands Affordable Housing Development Corporation. The Corporation is a Government funded non-profit company established in 2006, tasked with facilitating the construction and sale of good quality affordable housing in Cayman Brac and Little Cayman to those Caymanians who may not have ready access to traditional residential mortgage funding as offered by the commercial retail banking institutions in the Cayman Islands. The Corporation will assist successful applicants in securing financing from a funding institution. Government is further assisting with the supply of project management expertise to the Corporation for the planning and construction phases.

I am pleased to report that Government seed money of CI$800,000 to fund construction of the first phase of homes on the Sister Islands is in place, and ten (10) successful applications have been received on Cayman Brac. Construction has already commenced on four (4) houses on Cayman Brac. Construction on four (4) more is anticipated to begin before the end of the year, which means that in the next year we will have provided homes for 80% of the successful applicants in Cayman Brac.

It is in the best public interest to vest this land to the Corporation, to ultimately ensure as many Caymanians on the Sister Islands as possible are given the opportunity to enjoy home ownership.

Madam Speaker, I ask permission to Table this report. Thank you.

For further information contact: Bina Mani