‘Rent to own’ concept

THE Public Rental Board is awaiting approval from the Government to introduce a new concept that would eventually result in more people owning homes.

Board general manager Timoci Naleba said the “rent to own” concept would be implemented once approval is given by the Government.

“That has to come from the Government,” Mr Naleba said.

“The approval will have to be given by the minister and through the directive from the ministry, we can have that implemented.

“It is an old concept though. The current minister wants to have a policy done.”

Mr Naleba said the board had recently approved a transitional home policy, which also covered the ownership of rental flats that most tenants live in.

“But these flats will have to be approved by the board,” he said.

Mr Naleba said not all PRB flats would come under the “rent to own” policy.

“Only those under this particular policy that the board thinks are suitable to be rented out and be owned by the tenants.

“We normally look after properties that are rented out and not to be owned.

“We stick to that mandate because there are plenty of people living under the $30,000 bracket.

“They can’t afford to buy, so basically they come and rent with us until they save enough money to buy their own property.”

Mr Naleba said couples who had a combined annual income below $30,000 would qualify under the policy.

“Those are the people that will be eligible, and also those that haven’t got a property yet, and this will be their first property.

“We haven’t demarcated between young or old.”