On Tuesday, 21 June 2022, the Executive Mayor CIIr Paul Swart in partnership with Minister Tertius Simmers turned the sod for the Finance Linked Individual Subsidy Programme FLISP and Deferred Ownership also known as ‘RenttoOwn’ or ‘RenttoBuy’.
The Mill Park housing project is the Deferred Ownership Pilot Project being developed in Bredasdorp, by the Cape Agulhas Municipality in partnership with the Western Cape Government Department of Human Settlement. The project is part of the Finance Linked Individual Subsidy Programme FLISP where households with an income between R3 501 to R22 000 per month may qualify for the FLISP subsidy if they meet the relevant criteria.
Prospective purchasers who are considered creditworthy, can be assisted to apply for a mortgage bond and a FLISP subsidy to buy their first home. Purchasers who do not qualify for a mortgage bond due to their low credit score, can register for the ‘RenttoOwn’ option. This will allow the home buyer to rent a new house for 24 months, after which they will have the option to purchase the property.
The ‘RenttoOwn” option includes a support programme that will assist purchasers to improve their creditworthiness during the rental period. Once a prospective purchaser’s credit score has improved sufficiently, they can be assisted to apply for a mortgage bond and a FLISP subsidy. The opportunity is open to all first time buyers throughout the whole of Cape Agulhas. Further information on how to apply will be made available shortly. Source: Face book