The Provincial Minister of Infrastructure Tertuis Simmers officially turned the sod to mark the first phase of construction of the Deferred Ownership Project in Cape Agulhas. He was accompanied by Cape Agulhas Executive Mayor Paul Swart, Deputy Mayor Raymond Ross and local ward councillor Dirk Jantjies.
This project is envisaged to create 106 affordable housing opportunities and is the first of its kind. It will include Deferred Ownership (ie Rent to Own) for qualifying beneficiaries in Cape Agulhas. The project is aimed at prospective home buyers earning between R3 501 and R22 000 a month, who would qualify for a subsidy from the Finance Linked Individual Subsidy Programme (FLISP), now known as “Help Me Buy A Home”.
Minister Simmers said: “I am still in awe, for in just over two years we have gone from having an idea to planning, and now finally we are turning the sod. As a province with the lowest unemployment rate and having some of the world’s youngest populations, many of our citizens don’t qualify for a fully state-subsidised house. Therefore, through Deferred Ownership, we are ensuring nobody is left out of the homeownership market. As we continue to commemorate Youth Month today marks the dawn of a new era in the Affordable Housing and State Housing Subsidy market. This project will forever change the face of government subsidy schemes.”
The R55 million budgeted project, aimed to make affordable homes available for first time home buyers residing in the Bredasdorp and the broader Cape Agulhas municipal area. The Rent to Own qualifying applicants will be able to rent their future home for a period of 6 to 24 months, during which time they will be assisted to improve their credit score. Once their score has been improved, and applicants qualify for a mortgage bond through the FLISP subsidy, they will then be able to exercise the option to purchase the home they have been renting.Qualifying Criteria for the Cape Agulhas project specifically include:. Applicants need to reside in Bredasdorp or the broader Cape Agulhas Municipal Area; . To earn between R3 501 to R22 000 gross combined income per month; . Have not previously owned property at22 June; .Have not previously received a government housing subsidy; . Must be a South African citizen or have a permanent residency;. Be married, cohabitating or have a financial dependent.. For more on the Cape Agulhas project visit www.millpark.co.za/
