The government of Antigua and Barbuda is advancing a new social housing initiative that would bring accessible long-term mortgages to new condominium developments in the Booby Alley area, with displaced former residents granted first priority for units. Prime Minister Gaston Browne recently outlined the proposal, revealing that the Development Bank of Antigua and Barbuda is the preferred candidate to administer the home loan program, a choice designed to keep monthly repayment costs within reach for low- and middle-income applicants.
Brown explained that policymakers are leaning toward assigning the mortgage program to the Development Bank rather than the National Housing authority, to facilitate lending at comparatively low interest rates. To further expand access for qualifying buyers, the government plans to structure the mortgages with payoff periods of roughly 25 years, stretching out repayment to reduce the monthly financial burden on homeowners.
Under the current project framework, around 50 existing homeowners will receive direct replacement properties through a property swap arrangement. Once these swaps are completed, Browne projects that an additional 100 units will be made available to eligible buyers through the new mortgage program. To protect the program’s core mission of expanding accessible homeownership, strict occupancy rules will be enforced: all condominiums must be occupied by their owners, and speculation is explicitly banned. No units will be approved for purchase as investment properties or second homes to be rented out to third parties.
“We’re not going to allow anybody to speculate with them,” Browne emphasized, reinforcing the government’s commitment to keeping the project focused on meeting local housing needs. Beyond the swap arrangements, former residents of the Booby Alley community will retain priority placement for all remaining available units, recognizing the area’s longstanding community ties. As of the latest announcement, key details including the final fixed or variable interest rate, formal eligibility criteria, and official application process have not yet been finalized or released to the public.