Government Supporting Home Reno though New Housing Policy

Dana Malcolm 

Staff Writer

#TurksandCaicos, August 11, 2023 – The Government is setting aside $50,000 cash for homeowners to improve their residences as they continue on their quest to increase affordable housing.

The project dubbed the “Home Improvement Plan for Existing Homeowners” is part of the new Turks and Caicos Housing Policy and will see the Government take on the refurbishment cost for Islanders only.

Applications are now open, but the project is not without stipulations.  TCIG says it will prioritize vulnerable islanders like the elderly, special needs and low-income residents.

In addition, all Islanders must have proof of ownership of the property they wish to refurbish and have up-to-date information on the property’s condition, which may include a damage assessment and clear photographs of the property.

To conduct the process fairly, the Government says applications will be processed under a scoring system.  The grants are for residential properties that serve as primary residences.

Residents with second properties for rent can benefit from other projects under the housing policy but will not be able to benefit from both.

Jamell Robinson, Minister of Physical Planning had previously expressed concern about the high levels of long-term rentals being transformed into vacation rentals, which had further constricted the housing market for locals.  They’re taking steps to make sure this doesn’t happen with the newly refurbished homes, by including stipulations that residents will not be able to sell the refurbished house within a five (5) year period.

“If the property is sold within 5 years of the date of refurbishment, the owner is liable to pay the refurbishment cost incurred,” TCIG explained.

The requirement is in line with the Government’s quota of 600 new housing units for the next 20 years.  Residents can complete application forms on the TCIG Housing Department website.