MDW INC APPOINTED FOR THE BITOU MUNICIPALITY’S EBENEZER HOUSING PROJECT

25 EBENEZER UNITS ARE READY TO MEET THE DEMAND FOR AFFORDABLE HOUSING IN PLETTENBERG BAY

MDW INC Attorneys have been appointed by the Western Cape Government’s Department of Infrastructure, in partnership with the Bitou Municipality, to facilitate the sales, marketing, property finance, conveyancing and bond registration processes for 25 housing units for the Ebenezer Housing Development Project in Plettenberg Bay.

PROJECT FOR FIRST TIME HOMEOWNERS

The Ebenezer Project is located in Bitou Municipality in the Garden Route Municipal District and is being developed in terms of the Integrated Residential Development Programme (IRDP). The first phase of the project will provide 204 housing opportunities, including 154 Breaking New Ground (BNG) units.

The 25 units which MDW INC has been appointed to market and sell are earmarked for beneficiaries who can benefit from the First Home Finance (FHF) subsidy. The 25 units are currently under construction, with 4 already completed. The balance of the units are planned to be completed by June 2024.

The Ebenezer project is aimed to assist and guide first time buyers to secure their own homes. The project makes use of the First Home Finance Subsidies, combined with a home loan. Buyers can also make use of employee assisted financial help, tap into their personal savings, unsecured loans, or make use of other financial alternatives in terms of the new-delinked subsidy programme.

The 25 First Home Finance units will only be offered to potential buyers who qualify for a FHF subsidy.

HOW TO QUALIFY FOR A FHF SUBSIDY

Generally, to qualify for a FHF subsidy, a potential purchaser must meet the following requirements:

• Have a combined household income between R3 501 to R22 000 per month (to qualify for a home loan to afford this purchase in the Ebenezer Bitou Municipality Housing Project, the buyer must earn at least R17 500 per month, as per the calculations below);

• Be a South African Citizen or a permanent resident with a Permanent Residence Permit;

• Not have accessed a government subsidy before;

• Not have owned a property before;

• Be competent to contract (over 18 years and of sound mind); and

• Be married, cohabitating or single with dependents (such as a spouse of a child).

In addition, the subsidy amount depends on your gross household income and ranges between R38, 878.00 – R169 264.00.

The MDW INC Team will assist potential buyers first to check if the potential buyers can qualify for a FHF home-loan subsidy and then the financing required to purchase a unit in the development.

Priority will be given to buyers residing within the New Horizons community. Thereafter, should the market dictate, preference will then be given to potential beneficiaries living within Plettenberg Bay, thereafter the broader Bitou Municipal area, and finally the Garden Route District Municipal area.

The units will only be made available to purchasers who qualify for the FHF subsidy and who meet the required affordability and creditworthiness status and can secure a mortgage bond for the balance of the sales price, or other approved financial instrument.