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Mill Park housing project, South Africa

26th August 2022

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Mill Park housing project.

Location
Bredasdorp, in the Western Cape, South Africa.

Project Owner/s
Cape Agulhas municipality.

Project Description
Mill Park is a deferred ownership, or rent-to-own, project and is part of the Finance Linked Individual Subsidy Programme (FLISP). The project is aimed at making affordable homes available for first-time home buyers.

The project aims to create 106 affordable housing opportunities and is a first of its kind.

Under the FLISP, households with an income of between R3 501 and R22 000 a month that meet the relevant criteria may qualify for an FLISP subsidy.

The rent-to-own qualifying applicants can rent their future home for six to 24 months, during which time they will be assisted to improve their credit score. Once applicants’ score has improved and they qualify for a mortgage bond through the FLISP subsidy, they can exercise the option to buy the home they have been renting.

Potential Job Creation
Not stated.

Capital Expenditure
R55-million.

Planned Start/End Date
Not stated.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Western Cape Government: Director communication and stakeholder relations Nathan Adriaanse, tel +27 021 483 2868 or email Nathan.Adriaanse@westerncape.gov.za.

Edited by Martin Zhuwakinyu
Creamer Media Magazine Managing Editor

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