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.