Householders are getting a new lease of life as a condominium renovation project enters its final phase.

The $5 million scheme, which involves three locations and 167 dwellings across the island, is enabling tenants to be in charge of their own destiny and in some cases will free up low-cost housing for Bermudians.

The Bermuda Housing Corporation plan is currently two-thirds the way through and when complete, it will give the owners "as-new'' homes and a greater say in their future.

In addition, the scheme -- at Prospect, Top Square, St. George's and Cedar Park -- will ultimately make available some apartments to Bermudians who might previously have found it difficult to buy homes.

Edwin Cowen, general manager of the BHC, said as the renovation work takes place, the condos are then put on to 999 year leases, which in turn are amended under legislation which effectively turns the tenants in to freeholders.

Under the Condominium Act, owners cannot discriminate against prospective buyers, and with the aid of mortgages through BHC, it will be easier for lower income Bermudians to buy a home.

The work at the sites -- which are all pre-fabricated buildings erected in 1972 -- includes exterior and interior repairs, with funds arranged for owners by BHC.

"What we are doing is fixing them up because they were in a sorry state of repair. We have worked with the owners to make money available for the work, which includes the exteriors, kitchens, electrics and plumbing,'' said Mr.

Cowen.

Many of the 167 leases are due to expire in 2007, making the home value decrease, so the granting of 999 leases will stop the degradation of the areas.

"When the value goes down, then we have a problem where people don't want to put any money in to them -- we wanted to do away with that possibility.'' As part of the deal, the tenants will form a company to `run' the property, taking care of common areas and repairs that are the responsibility of the owners.

In time, condominiums that come on the market will be in the price bracket that makes them attractive to lower income families.

Mr. Cowen said any condos that do come up for sale will have no restrictions, like some private sector developments which can, in a few rare cases, be discriminatory.

"In some of those cases, a purchaser has to be approved by the management committee, '' he said. "These things are never discussed out in the open.'' It is expected that the renovation project will be finished by next March.