Dominica's Housing Revolution

Dominica’s Housing Revolution is Well On its Way to Delivering 5,000 Homes to Its Citizens

Termed The Housing Revolution, the government of Dominica led by Prime Minister Skerrit is focused on delivering 5,000 homes to its citizens across the island. The execution of this policy did not happen by accident or chance, but by the administration prudent management of the government finances and its bold policies that put low and middle-class income families first.

The houses come in various sizes and style such as 3-bedroom townhouses, 3-bedroom apartments, 4-bedroom semi-detached houses, 3-bedroom and 2-bedroom apartments.  The houses are built to withstand a Category 5 hurricane and higher.  The houses The citizens were able to purchase these properties from the government at $1 per square foot .  This price was significantly below the market price which could be in excess of $10 per square foot. Not only did the beneficiaries under this land program felt a sense of economic relief, pride and dignity, they also experienced an immediate increase in wealth of over $8 Million.  This policy also resulted in greater financial freedom for the beneficiaries,  giving them the ability to secure a loan at a bank; an ability they never had before. 

are all reinforced concrete from foundation to roof, constructed ……. they also experienced an immediate increase in to form one solid unit. wealth of over $8 Million.

The impact of this unprecedented housing policy, the most transformational in the Eastern Caribbean in decades, will have real and life-changing impact on families.  Once completed, this policy will in fact increase the nation’s housing stock by nearly 20%, transform over 10,000 lives and cost the government on average over $250,000 per home. The government is convinced this housing initiative will positively transform the lives of generations to come.  The Prime Minister believes having a place to call home leads to better families, higher performing children at school, reduction in crime and as a result better communities.

The nation’s housing stock will increase by nearly 20%, transform over 12,000 lives and cost the government on average over $250,000 per home.
 
The project is financed with funds from the Citizen By Investment Program (CBI). According to regional observers, Dominica is at the forefront of using its CBI program to transform the lives of its citizens for generations to come. Despite the devastating impact of Hurricane Maria on the island in 2017, the government is still able to deliver on its commitment as a result of the government prudent and responsible management of government resources.
As of today, over 300 homes have been handed over to qualified residents.  Given the fact a house may have a value of over $250,000; these houses come at no cost to the beneficiaries.  

In addition to building 5,000 homes, the Skerrit-led administration has also made it possible for citizens to own land under its Squatter Regularization Program. Under this program, citizens who have been squatting on government land for decades were able to purchase the land from government and obtain title to these properties. 

As part of the government home ownership program, civil servants in Dominica are also benefitting tremendously. Over the past 15 years, the Government of Dominica has made available over $110 Million in loans to civil servants through the National Home Loan Board.  Under this program, civil servants in Dominica have been able to obtain housing loans at an average interest rate of 4% , compared to a market rate of up to 9% at some of the island leading financial institutions. Such benefits are in addition to not having to pay taxes on their first $30,000 of income compared to the first $12,000, as was the case in the late 1990s.

It is estimated that a civil servant with a 20-year mortgage of $300,000 will save over $200,000 or over $850 per month in interest costs.  Such substantial savings is consistent with the government goal of putting more money in the pockets of civil servants by increasing their effective salary, improving their standard of living in the short term  and giving them the ability to save more for their retirement in the long term.

It is estimated that a civil servant will save over $200,000 ……….

Since sweeping the election in 2005, the Prime Minister is very much satisfied with its housing programs and plans, which he believes has transformed the lives of its citizens and will continue to transform lives for
generations to come. 

Despite the government spending on housing, the citizens of Dominica have not been burdened by additional taxes nor has the country debt ratio been severely impacted. The Prime Minister believes there is some more work to be done when it comes to housing, and the government will continue on that path of transforming the lives.