Bahamian Housing Minister JoBeth Coleby-Davis announced the government's rent-to-own initiative, called A Place to Call Home last week.
Ms Coleby Davis said will give Bahamians the opportunity to save up for their first dream home while living in it at the same time.
Ms. Coleby-Davis said in the House of Assembly that over an agreed fixed period, rent will be paid to the Department of Housing.
A portion of the rent will go towards a down payment for the mortgage, property maintenance, and insurance costs.
Coleby-Davis said the initiative is geared toward employed and self-employed Bahamians seeking to become first time homeowners.
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