WILLEMSTAD – Fundashon Kas Popular (FKP) wants to use the court-ordered transfer of the 207,226-square-meter Plantage Vetter property to expand opportunities for Curaçao families to become homeowners through the Mi Kas Awor program.
FKP announced the plan after the Court of First Instance awarded the entire Plantage Vetter property to the public housing foundation in a ruling dated September 8.
Rather than approaching the more than 20-hectare property solely as a land-development project, FKP says it wants to connect the reorganization of Vetter with the government's broader objective of making homeownership more accessible.
Central to that approach is the Mi Kas Awor purchase-subsidy model, or “koopsubsidie,” which is intended to help qualifying households bridge the gap between what they can afford and the amount required to purchase a home.
Depending on the applicable category and conditions, assistance could take the form of an initial contribution, support toward monthly payments or assistance in obtaining financing for a more affordable home.
FKP argues that homeownership can provide families with more than housing security. Instead of making payments without accumulating an asset, households purchasing their homes can gradually reduce their debt and build equity that may eventually be passed on to the next generation.
Plantage Vetter could provide an opportunity to combine that financing model with the legal regularization of land, improvements to existing homes and investment in neighborhood infrastructure.
However, FKP stressed that the September 8 court decision does not itself grant a purchase subsidy or homeownership rights to individual residents.
Before Mi Kas Awor can be applied at Vetter, a specific development and financing plan must be prepared and the applicable conditions approved. Any financial assistance would also have to correspond with the income and repayment capacity of individual households.
FKP will now have to determine what improvements are necessary, how those investments can be financed and what path toward ownership is feasible for each participating family.
The foundation says its ultimate objective is for qualifying families to reach the point where they can go before a civil-law notary with a clear agreement and an affordable financing arrangement and sign for a home of their own.