Six weeks since its launch, the Mill Park Home Ownership Project in Bredasdorp is proving to be a welcome breakthrough in the home ownership market for aspirant buyers.
On 21 June, the Minister of Infrastructure Tertuis Simmers conducted a sod turning ceremony for the 106 units that form part of the province’s Affordable Housing Programme.
This is aimed at assisting aspirant first-time homeowners through either a home loan or a Help Me Buy A Home (FLISP) subsidy.
The minister’s office reports that, to date, the project already has eight buyers pre-approved through either sale, home loan or Help Me Buy A Home subsidy.
In addition, the Deferred Ownership Project has five pre-approved applicants. “An indication that this structure will certainly assist many residents to access the property market.”
The Rent to Own qualifying applicants will be able to rent their future home for a period of 6 to 24 months. This is combined with consumer housing education and financial literacy.
The Help Me Buy A Home subsidy and 24 months’ deposit savings will be deducted from the purchase price as a price reduction mechanism after the 24-month rental period.
Simmers said: “The project is proving to be the catalyst we anticipated. The show house is nearly completed, and we will be unveiling it shortly.”
The qualifying criteria for the Mill Park Deferred Ownership /Rent to Buy Project, include:. Applicants need to reside in Bredasdorp or the broader Cape Agulhas Municipal Area;. Earn between R3 501 to R22 000 gross combined income per month;. Have not previously owned property;. Have not previously received a government housing subsidy;. Must be a South African citizen or have permanent residency; and. Be married, cohabitating or have a financial dependent.
For enquiries visit www.millpark.co.za or contact Anele Matakane on 021 461 0065 or 079 224 4090 or Olivia Bell at 021 461 0065.
