SIAHDC - Ministry of District Administration & Home Affairs
Sister Islands Affordable Housing
Development Corporation
Sister Islands Affordable Housing
Development Corporation
About Us
The cost of real estate has increased exponentially in the last two years. As a result of this, the gap between Caymanians and their ability to purchase affordable land lots and homes has widened.
The Cayman Islands Government is committed to providing opportunities for Caymanians to obtain adequate and affordable housing in the Sister Islands in an effort to close this gap. As such, the Ministry responsible for District Administration along with the Sister Islands Affordable Housing Development (SIAHD) Board, work collaboratively to identify, acquire and develop Crown land into affordable housing developments.
The Sister Islands Affordable Housing Development Corporation facilitates the affordable housing programme to address the issues of property ownership for Caymanians in the Sister Islands.
Now Accepting Applications
The Sister Islands Affordable Housing Development Corporation are currently in the process of developing new affordable housing and are inviting interested parties to begin the pre-application process.
Property Details
The following details describe the basic features that will be available in the housing development. More property features will be released as the project progresses.
- 1 storey, bungalow house
- 3 bedrooms, 2 bathrooms
- Living room
- Kitchen
- Dining
- Laundry closet
- Wired for central air conditioning
- Cement exterior
- Square footage will approximately be between 1,073 sq. ft. to 1,200 sq. ft.
- Land lot acreage is approximately 0.25 acres
- Three locations on The Bluff
- Sunshine
- West End
- Spot Bay
Home Ownership
The Affordable housing program aims to make home ownership as affordable as possible, however it is important that the client note the cost and responsibilities of buying a home. Some of these costs could include:
- Loan fees (initial cost)
- House insurance (monthly/annual)
- Life Insurance (monthly/annual)
- Mortgage payment (monthly)
Eligibility
Only individuals who are Caymanian / a Caymanian status holders who:
- Are age eighteen (18) years or older
- Currently reside in the Cayman Islands
- Will become the homeowner/occupier of the home being purchased
- Earn no more than
- CI$66,000 per year/CI$5,500 per month if a single applicant
- CI$96,000 per year/CI$8,000 per month if a joint applicant.
- Be currently employed for at least 1 year, or self-employed for at least two years
- Not currently a home owner (If previously a home owner or if currently on the land register of a home and not the primary owner, you may clarify your circumstance on the application form)
- Have submitted all applications forms with the required due diligence documents (see application process below)
- Have completed the assessment to determine whether applicant will be able to meet the financial obligation given existing liabilities
Application Process
- All eligible applicants must submit and complete the Needs Assessment Application Form
- Submit the completed Needs Assessment Application Form required along with all supporting documents.
- Applications will be reviewed by the SIAHD Board at their next scheduled Board meeting
Affordable Housing Policy
The Policy for Affordable Housing Development outlines the governance, management and procedures in relation to the operations of the Sister Islands Affordable Housing Development Programme.
