Beautiful Virgin Islands

Saturday, Mar 25, 2023

Gov’t assures Joe’s Hill homes not for investment buyers

Gov’t assures Joe’s Hill homes not for investment buyers

Social Development Minister Marlon Penn has given assurance that the housing units at the Joe’s Hill Housing Development on Tortola will not be sold to persons who are looking to use them solely for investment purposes.
The Joe’s Hill Housing Development is the responsibility of the Social Security Board and was recently completed at a cost of $26,666,905.02.

One of the main aims of the project is to enable residents who are first time homebuyers to get access to affordable homes. During a recent sitting of the House of Assembly, At-Large representative Carvin Malone asked Minister Penn whether the housing units are still being offered exclusively to first time homebuyers.

Malone also asked whether considerations are being given to persons wishing to purchase units for investment purposes, only.

In response, Minister Penn said, “the short answer to that question is no. Measures are being put in place to prevent the homes from being purchased or used for investment purposes. Property covenants will require the units to be occupied by homeowners as their primary place of residence; and would also regulate any subsequent renting, leasing, or disposal of the units by homeowners in extenuating circumstances.”

The Joe’s Hill Housing Development has 25 buildings, comprising 52 residential units plus commercial rental space.

Minister Penn revealed that some applicants have already been verified by the Social Security Board and are now actively seeking pre-qualification for financing from the banks of their choice, as part of the Board’s selection process.

The Minister also said the allocation of homes will primarily depend on the actual number of applicants that are pre-qualified for bank financing.

“At the end of November 2022, if there are more pre-qualified applicants than available units in a particular category (based on the size and style of unit selected), then a randomized selection procedure may become necessary to ensure transparency in the allocation of those units,” Minister Penn said.

After that, each selected applicant will be allowed up to 90 days to finalise a mortgage and complete the property purchase transaction.

The units at the Joe’s Hill Housing development are a mix of one-, two-, and three-bedroom condos, single-family homes, and townhouses. The government said they are to be sold at fair market value to qualifying first-time homeowners who would occupy the property as their primary residence.

Only BVIslanders, Belongers or residents who’ve lived in the BVI for the last 20 years can qualify for the homes. Persons must also be first-time homeowners and must occupy the property as their primary residence.
Newsletter

Related Articles

Beautiful Virgin Islands
Close
0:00
0:00
Powell: Silicon Valley Bank was an 'outlier'
I have a dream, MLK inspiring speech
Donald Trump arrested – Twitter goes wild with doctored pictures
Aretha Franklin, Marvis Staples - Oh Happy Day
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
BVI Freedom Song
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Billy Preston - You Can't Beat God Giving (Live)
Home Secretary Suella Braverman tours potential migrant housing in Rwanda as asylum deal remains mired in legal challenges
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
Paris Rioting vs Macron anti democratic law
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
'Sexual Fantasy' Assignment At US School Outrages Parents
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
Credit Suisse to borrow $54 billion from Swiss central bank
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
Russian Hackers Preparing New Cyber Assault Against Ukraine
Hello Dolly
Jeremy Hunt insists his Budget will get young parents and over-50s back into work
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
If this was in Tehran, Moscow or Hong Kong
Bob Marley - Get Up Stand Up
Nashville police officer, and a female driver shooting one another
Yes He Can
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
What A Friend We Have In Jesus
Mexican President Claims Mexico is Safer than the U.S.
Unforgettable
A brief banking situation report
Touch The Hem Of His Garment
Lady bites police officer and gets instantly reaction
The Lord's Prayer
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
THE GOD MOVEMENT...BEAUTIFUL BVI
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Siyahamba
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Ray Charles And The Voices Of Jubilaton, Oh, Happy Day
Silicon Valley Bank exec was Lehman Brothers CFO
Ramblin' Rose
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Protoje - Who Knows ft. Chronixx
BBC Director General, Tim Davie, has apologized, but not resigned, yet, following the disruption of sports programmes over the weekend
Pressure - Virgin Islands Nice
A Mississippian man, who was once considered a “ticking time bomb,” has lost a whopping 165 kilograms! What motivated this incredible transformation?
Phil Wickham - House Of The Lord
Elon Musk Is Planning To Build A Town In Texas For His Employees
My God Is Real (Yes, God Is Real)
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
The Lion King Circle of Life by LEBO M. — LIVE at the HAVASI Symphonic
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Louis Armstrong - When The Saints Go Marching In
Fitness scam
Kanye West Sunday Service - hallelujah, salvation, and glory
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Jonathan Nelson - I Believe (Island Medley
A primitive judge in Australia sparked outrage when he told a breastfeeding woman to leave his courtroom for being “a distraction"
From The Virgin Islands Sqad Up
Barcelona is feeling the heat as they face corruption charges over payments to former vice-president of Spain's referees' committee, Jose Maria Enriquez Negreira
Common, John Legend - Glory
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Anthony Evans vs. Jesse Campbell - If I Ain't Got You
Banking regulators close SVB, the largest bank failure since the financial crisis
I have a dream, MLK inspiring speech
The unelected UK Prime Minister Rishi Sunak, an immigrant himself, defends new controversial crackdown on illegal migration
Aretha Franklin, Marvis Staples - Oh Happy Day
Old clip of Bill Gates saying Ukraine is a big, fat, corrupt sinkhole is going viral
BVI Freedom Song
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
Billy Preston - You Can't Beat God Giving (Live)
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
VIRGIN ISLANDS REGGAE CARIBBEAN RIDDIMZ
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
Oh Happy Day Edwin Hawkins - Anthony Brown w FBCG Combined Choir
JP Morgan Becomes First Bank to Predict UK Will Avoid Recession
'Stand by Me' performed by Karen Gibson and The Kingdom Choir
How do stolen goods end up on Amazon, eBay and Facebook Marketplace?
National Anthem of the British Virgin Islands - Oh, Beautiful Virgin
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Hello Dolly
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
for KING & COUNTRY - Amen (Reborn) [feat. Lecrae & The WRLDFMS Tony Wi
×