By Karen Allen
Caribbean Net News Montserrat Correspondent
Email: karen@caribbeannetnews.com
BRADES, Montserrat: As housing challenges continue to increase in Montserrat due to the ongoing volcanic activity, the government of Montserrat is working to increase the construction of new homes and provide assistance to first time home owners in the northern safe zone of the country.
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| Housing community in Drummonds |
According to a recent Government Information Unit press release, Montserrat’s government plans to develop strategies and incentive schemes that will initiate new and innovative programs to boost construction and home ownership.
Montserrat’s 2007 budget presentation explained that a housing incentive program which will offer financial assistance to persons will enable them to secure mortgage financing.
Affecting residential properties, the government increased the deduction on the value of the dwelling house for property tax purposes, from $50,000 to $150,000.
Business properties constructed within the past three years and all new commercial building will receive a moratorium on property tax for a period of five years. Thereafter, a twenty-five percent reduction in taxes is due for a further five years. All other commercial property will benefit from a 25 percent reduction in property tax due until 2012.
As part of the new strategy to increase the construction of new homes on Montserrat, the government has purchased 4.2 acres of land in Drummonds in the north of the island, to provide more permanent housing solutions and increase the availability of residential service lots. It recognizes that such a market will address the housing needs of all income groups and provide a good mixture of high quality accommodation options.
With its growing housing challenges and ongoing volcanic risk assessments, property acquisition, housing construction, and mortgage financing remain essential issues that need to be addressed to ensure the country’s redevelopment. |
