Opposition Leader, Aubrey Norton claims to have found a solution aimed at enhancing citizens’ ability to acquire homes. According to the Guyanese leader, this measure has the potential to significantly increase the number of families obtaining suitable homes, all while relieving them of the challenges associated with engaging financial institutions.
With a massive backlog of applications at the Housing Ministry, Norton said that his party came up with a “rent-to-own scheme”. This programme, he added, is part of the A Partnership for National Unity (APNU)’s “Poverty Reduction Strategy”, which it hopes to execute if the electorate decides to return the party to power.
“For you to reduce poverty, you need to take direct action. One of them that we’ve identified very early is what we call, the ‘Rent-to-own’ Scheme…A lot of time people get lands – many of them aren’t getting – but they don’t have the capacity to get loans, etcetera. What we recommend is that government builds houses and people pay rent, but that rent is going as if it is a mortgage. And so, you set the final cost for the house and when they (citizens) finish paying that, the house belongs to that person,” Norton explained.
He said with this method, prospective homeowners will not be burdened by sourcing downpayment customarily associated with accessing loans from financial institutions.