april-2018c

28 29 T he BahamasMortgage Corporation (BMC) was established in 1983 byanAct of Parlia- ment and,today,is a department of theMin- istryof Environment andHousing.Its primary functions were: to stimulate,encourage,and promote the ownership of homes by lowtomoderate income earners bymaking available to them the necessary financing for the construction of a newhome,the purchase of a newor existing home,the rehabilitation or enlargement of an existing home,or the purchase of vacant land intended for use in the construction of a newhome; and to encourage the construction indus- try to develop housing for the Corporation’s clients by providing financing for housing units and projects. Over the years,BMChas initiated hundreds of mortgages and financed tens of millions of dollars in housing products.And it has also evolved as an orga- nization,penetrating newmarkets and advancing new housing initiatives.“The intent was to fill a void,”says Nikita Curtis,BMC’sMarketingDirector.“It was for low- THE BAHAMAS MORTGAGE CORPORATION MORTGAGE CORPORATION THE BAHAMAS AT A GLANCE THE BAHAMAS MORTGAGE CORPORATION WHAT: A department in the Ministry of Environment and Housing WHERE: New Providence, the Bahamas WEBSITE: www.bmcbahamas.com FOR HOME OWNERSHIP