The affordable housing initiative is a government backed program which aims to assist low to middle income Caymanians with purchasing a home that is built by NHDT procured contractors at an affordable price. By building homes in planned communities on land that is purchased and subdivided by the NHDT there are significant savings passed onto the buyer as you do not have to pay for the cost of land or basic infrastructure.
Applicant selection criteria:
1. The home being purchased is to be the applicant’s primary residence, and the applicant is to reside in the home.
2. Applicants must be Caymanians or must hold Caymanian Status.
3. Applicants must currently reside in the Cayman Islands.
4. Applicants must not be earning more than:
a. CI$6,000 per month or CI$72,000 per year for single applicants; or
b. CI$8,000 per month or CI$96,000 per year for joint applicants.
5. Be in the maximum age-bracket required for repaying a mortgage, as the various local banks may stipulate from time to time.
6. Be currently employed for at least six months, or self-employed for at least two years (Self-Employed applicants must provide minimum 2 years’ financial statements for NHDT pre-assessment prior to applicants proceeding to the Bank to obtain mortgage financing).
7. Application forms will only be accepted when all the required documents have been presented to the NHDT.