Housing Ministry and PRB to design a rent-to-own scheme for existing tenants

To ensure the transition to home ownership, the Ministry of Local Government and Housing and the Public Rental Board are collaborating to design a rent-to-own scheme for existing tenants that will provide households with an opportunity to build equity in a home while renting, making it easier for them to eventually become homeowners.

This has been highlighted by the Minister for Local Government Maciu Naulumisa while responding to President Ratu Wiliame Katonivere’s speech during the opening of Parliament.

Naulumisa says the Ministry will continue to facilitate and support the implementation of the Public Private Partnership project with International Finance Cooperation for developing five sites that will provide around 3000 housing units in Raiwaqa (Suva), Nepani (Nasinu), Wainibuku (Nasinu), Davuilevu (Nausori) and Tavakubu (Lautoka).

He also says in this financial year, the Ministry has approved a total of 113 applications under the First Home Ownership Initiative with a total payout of more than $1.9 million and a review of the income brackets will be conducted to ensure the most deserving low-income households have access to financial support to meet their housing needs including the most vulnerable in the society.

The Minister says that moving forward, the Ministry will strategically develop Concept Plans for Navua, Taveuni, Dreketi, and Vunidawa over the financial year, fostering sustainable growth and community well-being, and recognising the importance of rural-urban linkages.

He says four informal settlements including Sakoca (Nasinu), Tavela (Nadi), Field 4(Lautoka) and Tore (Lautoka) with a total of 378 households are in the construction phase.

Naulumisa says the Ministry stands committed to representing the hopes and aspirations of every Fijian, and to forge a path toward a future filled with promise and opportunity.

The Minister also says that the Coalition Government is optimistic that the domestic economic growth will certainly return to the pre-pandemic level as the projected growth rate of 3.8 percent for 2024 and 3 percent for 2025 is a testament to good financial management and effective policies.