The government is considering offering low-interest, 25-year mortgages for condominiums being developed in the Booby Alley area, with former residents receiving priority.

Prime Minister Gaston Browne said the Development Bank of Antigua and Barbuda could administer the mortgages as part of a social housing programme designed to keep monthly payments affordable.

“We’ll probably use, if not National Housing, I would say preferably the Development Bank, and let the Development Bank do mortgages on them at a relatively low interest rate,” Browne said.

He said the government could offer mortgage terms of approximately 25 years to make the units more accessible to qualifying homeowners.

Browne estimated that if approximately 50 existing homeowners receive replacement properties through swaps, another 100 homes could become available for mortgages.

The condominiums will have to be occupied by their owners and cannot be purchased as investment or rental properties.

“We’re not going to allow anybody to speculate with them,” Browne said.

People who previously lived in the Booby Alley community will receive priority when the remaining units are allocated.

The final interest rate, eligibility requirements and application process have not yet been announced.

This article was originally published by Antigua News Room. Read the original article here: VIDEO: Booby Alley Condominiums to Offer Affordable 25-Year Mortgages, Ban Rentals.