Expand ‘Approved Residential Scheme’ To City
Noting that we must ensure that there is more housing given the “need to grow our working population,” Premier David Burt said the “Government will advance a bill that will amend the Economic Development Act to expand the eligibility for Approved Residential Schemes from solely the Economic Empowerment Zones to the entire City of Hamilton.”
The BEDC describes Approved Residential Schemes as “development proposals either fully comprised of residential units or mixed-uses comprised of commercial spaces and residential units.”
The Premier noted that “there will still be benefits to building” in the EEZ “that will not apply throughout the City of Hamilton” and “units in Approved Residential Schemes in the City of Hamilton will be able to be purchased by residents, businesses and international persons without restriction.”
File photo of an aerial view of part of the City of Hamilton
In delivering the 2023 Budget, the Premier and Minister of Finance said, “Given the need to grow our working population, we must ensure that there is more housing for more people to live and work in Bermuda. Currently, there is an acute housing shortage, which is being driven by the growth that we have seen in international business over the last three years.
“That is why the Government committed to providing $15 million over the next three years to build more affordable housing units, and why it has also delivered 48 units of affordable housing over the past five years. The transition of Morgan’s Point to a residential community and the initial plan for 101 residential units will also provide additional housing in Bermuda for an expanding mid-shore economy.
“In 2019 the Government changed the Economic Development Act to allow for the building of Approved Residential Schemes to further expand the housing stock. Currently, Approved Residential Schemes are restricted to the Economic Empowerment Zones in Somerset, St. George’s, and Northeast Hamilton.
“However, those areas have not seen the progress that I sincerely desired for this initiative designed to provide more housing units. Though the team at the Bermuda Economic Development Corporation continue to work diligently to advance this initiative, it is necessary that we expand the areas where Approved Residential Schemes can be constructed.
“Therefore Mr Speaker, in this parliamentary session, the Government will advance a bill that will amend the Economic Development Act to expand the eligibility for Approved Residential Schemes from solely the Economic Empowerment Zones to the entire City of Hamilton. We must do everything in our power to provide a base for additional private sector investment to develop additional housing in Bermuda to complement the Government’s efforts to provide affordable housing.
“This change does not mean we are abandoning our vision for a vibrant Northeast Hamilton Economic Empowerment Zone. There will still be benefits to building Approved Residential Schemes in Bermuda’s Economic Empowerment Zones that will not apply throughout the City of Hamilton. However, units in Approved Residential Schemes in the City of Hamilton will be able to be purchased by residents, businesses and international persons without restriction.
“It is the duty of the Government to look at what is working and to see what can be done better. As we take concrete steps to increase the working population in Bermuda, we must ensure that this does not further raise the cost of housing, causing distress for many working families. This change will increase the available spaces that can be developed for Approved Residential Schemes and incentivise the private sector to start developments that may have been stalled due to a lack of possible purchasers.”
“units in Approved Residential Schemes in the City of Hamilton will be able to be purchased by residents, businesses and international persons without restriction.”
So much for Bermuda for Bermudians
Bermuda for Bermudians will not help our economy. This government is finally figuring that out.
Bermuda for Bermudians was never going to help our economy. I think our PLP Government figured that out some time ago.
There wasn’t a sound when Cambridge Beaches Resort was sold by its Bermudian owners to the American Dovetail + Co.
“…will be able to be purchased by residents, businesses and international persons without restriction.”
Wow.
And from the PLP.
“Without restriction”
Wow.
Just wait until the locals finally realize what Burt is proposing and it will price them out of the area. The Salvation Army will nee to take over Elbow Beach hotel at this rate.
By the time PLP loyalists believe what you say, the majority of Bermuda will be owned by foreigners.
“Just wait?”
We’ve been waiting for good governance for 25 years!
What makes you think it’s “coming soon?”