Long-time Bonteheuwel rental stock residents got an early Christmas gift when they were given the title deeds to the properties.
The City handed over 10 title deeds to the beneficiaries of council dwellings that were previously used as rental stock on Thursday December 21.
The City’s mayoral committee member for area central, Councillor Siyabulela Mamkeli, handed over the title deeds during a ceremony at the local sub-council office.
“The handover of these title deeds is worth celebrating as some of our most vulnerable residents are now first-time property owners. A title deed is a passport to economic opportunities. It opens the doors to finance. If you go to a bank or a lender, it means you can provide the title deed as warranty or surety. This will enable you to borrow the money you may need to start a new business, to improve your house, or to pay for a child to go to university,” he said.
“I encourage the new owners to look after their houses, to do regular maintenance, and to make responsible decisions as these houses are valuable financial assets which will bring them a step closer to economic freedom,’ said Mr Mamkeli.