The City of Cape Town’s groundbreaking initiative aims to empower residents by enabling them to become owners of their rental units at no cost. This program will unlock various opportunities for eligible beneficiaries and catalyze meaningful economic growth in communities.
The No-Cost Transfer Program
The no-cost property homeownership transfer program intends to allocate R38 million over the next three years to facilitate the free transfer of title deeds. Beneficiaries include legitimate tenants of City-owned rental units, purchasers of delayed transfer units, and owners of historic service sites. This renewed emphasis on empowerment is a component of the Mayor’s Priority Programme, which seeks to provide 22,000 no-cost transfers over the next three years.
Attorney Transfer Fees and Insurance Costs
The No-Cost Transfer Programme will pay the attorney transfer fees on behalf of the beneficiaries at a fixed rate of R2,500 per property, irrespective of the property’s purchase price. In addition, funding will be provided to cover the insurance costs for commercial rental units from the date of sale until the property’s registration.
Empowering Residents and Stimulating Economic Growth
By enabling legal tenants to become property owners at no cost, the City of Cape Town is creating a new class of property owners and unlocking opportunities for future generations. This initiative will stimulate economic growth in communities and empower residents to take ownership of their properties, giving them a sense of pride, security, and financial stability.
How to Access the Program
The City of Cape Town encourages residents to take advantage of this opportunity and become property owners. Eligible residents can approach the local housing office in their community or contact the Human Settlements Call Centre via WhatsApp to access this program.
This initiative is a significant step towards empowering residents and stimulating economic growth in communities, creating a better future for all.