Good morning, Bermuda, and thank you for joining us here today.
I'm proud to be here today to share how the Government will deliver real solutions to Bermuda's housing challenges through the 2025/26 Budget.
The Ministry of Housing and Municipalities was created to focus on one of the most critical issues facing our island: the affordability, quality and availability of housing in Bermuda. But while the Ministry may be new, our mission is not. We are committed to ensuring that every Bermudian has the opportunity to access a safe, secure, and affordable place to call home.
Budgeting for Bermudians
This year’s operating budget for the Ministry of Housing and Municipalities allocates $913,805 for Ministry Headquarters operations and $6,640,000 for the Bermuda Housing Corporation, bringing the total estimated expenditure to $7,554,000.
In addition, over $22.9 million in grants and contributions has been allocated to support transformational housing and infrastructure initiatives across Bermuda. Of this amount, a total of $17 million in grants has been allocated to the Bermuda Housing Corporation (BHC) for the 2025/26 fiscal year.
To help more Bermudians access affordable homes, we've increased the Residential Housing Grant to $6.5 million—an additional $1.5 million over last year. We've also increased the Bermuda Housing Corporation's Capital Grant by $2.7 million to $10.5 million for upgrades and repairs.
These investments will bring existing properties back to life and make a real difference for families across the island.
Delivering Results
In 2025, 16 housing units will be fully refurbished—12 units at Harmony East and 4 in Middle Town. And in 2026, another 33 units will be upgraded, including:
• 16 studios at Harmony North
• 12 mixed units at 18 Battery Road
• 5 family-sized units at Chelsea
We are also making significant repairs to BHC-managed facilities, and those include:
• A new roof, kitchen and electrical upgrades at Gulfstream Rooming House
• Bathroom and room refurbishments at Langley House
• Elevator replacements at Prospect Apartments
• Transformer and infrastructure work at Fenton's Drive and Perimeter Lane
These are not just maintenance projects but investments in dignity, security, and quality of life.
In parallel with its publicly funded initiatives, the Bermuda Housing Corporation is exploring innovative ways to expand the island's rental housing supply and generate employment, all without placing a burden on public finances.
One such example is the Private Sector Refurbishing Programme, which, while not part of the allocated Budget, is nonetheless a vital initiative. With $5 million in funding approved through Bermuda Commercial Bank, this programme supports private property owners in renovating vacant or underutilized units.
To date, 24 owners have expressed interest. Each participating unit is eligible for up to $125,000 in renovation funding, repayable over five years, with rental contracts extending up to seven years. Work on the first units will begin shortly, following budget approvals, any planning permits required and contractor selection.
Planning for Tomorrow
This Budget also supports the development of a long-term housing strategy that will guide future planning, investment, and homeownership opportunities. We're preparing a three-year plan to coordinate affordable housing delivery across Bermuda.
We're also advancing key legislative reforms. This year, we will introduce amendments to the Acquisition of Land Act 1970 and the Bermuda Housing Act 1980 —changes aimed at streamlining the reclamation and redevelopment of vacant and derelict properties, accelerating housing delivery, and expanding the availability of affordable homes across the island.
We're also transitioning the former Grand Atlantic property into the Bermudiana Beach Residences, adding some 94 new units to Bermuda's rental market.
Beyond housing, we are also investing in neighbourhood infrastructure. In partnership with the Ministry of Public Works and Environment, we are advancing a comprehensive master plan to address water, sewage, and lighting issues in Alexandra Road, Cedar Park, and Mary Victoria Road.
Working Together for Our Future
Although newly formed, the Ministry of Housing and Municipalities’ priorities are clear, its strategy is strong, and its resolve is unwavering.
Our team—working with the Bermuda Housing Corporation, the Bermuda Housing Trust, the Bermuda Land Management Corporation, and our municipal partners—is dedicated to creating a Bermuda where every resident can thrive in a safe, supportive community.
This Budget is not just numbers on a page. It's a plan for action, a promise to our people, and a reflection of our belief that Bermuda works best when it works for all of us. Let's continue to build a stronger, fairer, and more affordable Bermuda—together.
Thank you.