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Tuesday, July 7, 2009

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Low-cost housing for the middle-class? Housing Minister Kenneth Russell is confirming government is moving full speed ahead with construction of its low-cost homes, pointing to government workers hungry for homes. "There is still a market out there," he told Guardian Business yesterday. "We have to remember there are still many people out there who have not lost their jobs and are still working." It's a statement that comes as banks throughout The Bahamas struggle with relatively high default rates, as Bahamians grapple with cost of living increases and the unemployment rate soaring into the high teens. There's also real concern those low-cost homes Russell is now cranking out will actually get gobbled up by Bahamians who simply earn enough not to need them. The fears have been compounded by a recession decimating income levels for so much of the Bahamian working poor. Russell is in fact pointing to the public service sector potential pool of buyers still employed and wanting homes through the government's low-cost housing program. In upcoming months, government is expected to kick off with the construction of houses for its newest subdivision. The project has been touted as one of the major economic stimulants, given it is expected to provide jobs for hundreds of under- and unemployed Bahamians. Friday, June 26, 2009