homeownership
The City of Cape Town is getting ready to launch its homeownership drive soon. Photo: Twitter/@CityofCT

Home » Cape Town getting ready to launch R38m homeownership drive

Cape Town getting ready to launch R38m homeownership drive

The City is preparing to introduce its no-cost property homeownership transfer program, aimed at unlocking various opportunities for eligible beneficiaries. This initiative will enable City tenants to become owners of their rental units, among other benefits. An allocation of R38 million has been dedicated to driving this program over the next three years, with the goal of […]

By Hennely Nel
28-04-23 12:13
in Fab South African Stuff
homeownership
The City of Cape Town is getting ready to launch its homeownership drive soon. Photo: Twitter/@CityofCT

The City is preparing to introduce its no-cost property homeownership transfer program, aimed at unlocking various opportunities for eligible beneficiaries.

This initiative will enable City tenants to become owners of their rental units, among other benefits. An allocation of R38 million has been dedicated to driving this program over the next three years, with the goal of transferring title deeds at no cost.

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CITY CHIEFS EAGER TO LAUNCH HOMEOWNERSHIP PROGRAM

According to the City’s Acting Mayoral Committee Member for Human Settlements, Alderman James Vos, they is preparing to launch an exciting project that will allow legal tenants of City-owned rental units, purchasers of delayed transfer units, and historic service sites to become homeowners at no cost.

“This is yet another way that we are exploring all avenues that will position human settlement programmes as catalysts for meaningful economic growth in communities,” Vos said. “Owning the title to one’s property is an important way to unlock opportunity and it also becomes an asset for generations to come.”

“This renewed focus to enable opportunity for empowerment is part of the Mayor’s Priority Programme which aims to achieve approximately 22 000 no cost transfers over the next three years. We’ve allocated almost R38 million for this initiative.

“There are approximately 7 500 City-owned rental units, 13 000 delayed transfer units and 1 400 historical serviced sites that could be eligible for this free title deed initiative,” Alderman Vos added.

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The No Cost Transfer Programme will cover the attorney transfer fees on behalf of the beneficiaries and set them at a fixed rate of R2 500 per property, regardless of the property’s purchase price. Additionally, funding for insurance costs for saleable rental units will be provided, covering the period from the date of sale until the property’s registration.

“We encourage residents to reach out so that they may become property owners. Please approach us by visiting the local housing office in your community or by contacting us via the Human Settlements Call Centre or via our WhatsApp line,” Alderman Vos concluded.

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CATEGORIES OF PROPERTIES AND REQUIREMENTS

Legal City tenants in good standing currently occupying:

  • Freestanding houses
  • Semi-detached houses
  • Terraced houses (row houses)
  • Maisonettes
  • Historic site and service units
  • Delayed transfer units

This article was originally published by Mariette Adams.

Tags: City of Cape Town homeownership Cape Town homeownership programme no-cost programme no-cost property Cape Town