Pioneering Mill Park Development: An Affordable Housing Model for First-Time Homebuyers

Bredasdorp, a charming town located in the Cape Agulhas region, has recently introduced a new affordable housing project that aims to provide homeownership opportunities to first-time buyers. The Mill Park Development, a joint venture between the provincial Department of Infrastructure and the Cape Agulhas Municipality, is a groundbreaking initiative that strives to address the shortage of affordable housing in the area.

Creating Affordable Housing Opportunities

The Mill Park Development is a R55 million project that offers 106 affordable housing units for Bredasdorp and Cape Agulhas residents. The project is a testament to the government’s commitment to addressing the housing needs of South African citizens.

The Rent-to-Own Model

The Mill Park Development features a unique rent-to-own model that enables applicants to rent a property for up to 36 months while receiving assistance in improving their credit records and affordability. After the rental period, they can purchase the property through the First Home Finance subsidy, which reduces the monthly bond installment and makes homeownership more achievable for eligible applicants.

Handover of the First Homes

Tertuis Simmers, the provincial MEC of Infrastructure, and Cape Agulhas Executive Mayor, Paul Swart, handed over the keys to the first Mill Park homes. This milestone event marked a turning point for beneficiaries of the pilot project. One beneficiary, Mrs. Goss, expressed her gratitude for the opportunity her son received and how it eased the burden of worrying about their children’s future and credit management.

Supporting Prospective Homebuyers

The Mill Park Development offers a Housing Consumer Education Programme that helps individuals with minor judgments, marginal credit reports, and affordability constraints. This programme provides personalized financial mentorship, assistance in budgeting, monthly progress reports, help in improving creditworthiness, and dedicated support when applying for a mortgage loan and obtaining a First Home Finance subsidy.

Innovation in Affordable Housing

MEC Simmers praised the Mill Park Development as an innovative model in the affordable housing sector. He thanked Mayor Swart and his team for their leadership and partnership, emphasizing the government’s commitment to finding alternative ways to make homeownership more accessible and affordable to all citizens.

The Mill Park Development is a life-changing opportunity for eligible applicants, and the Department of Infrastructure is looking to expand the pilot into other municipalities. Prospective homebuyers are encouraged to visit the Mill Park development website to learn more about this groundbreaking approach to affordable housing.