Bermuda banks are making millions of dollars off residents and need to do their part to help people become homeowners, the Minister of Housing and Municipalities has charged.

Zane DeSilva, speaking at a housing meeting in St David's this week, said three banks had agreed to work with the Government on a joint scheme to deliver better homeownership opportunities for Bermudians.

The deputy premier told East End residents that the pitch to the financial institutions “is very much on the agenda” as he listened to a host of their concerns about housing and social issues.

A ministry spokesman said the comments were linked to the Government securing “high-level financing commitments from Bermuda Commercial Bank and Clarien Bank Bermuda to back the $114.75 million initial phase of the Affordable Housing Programme”.

“This is a massive, multi-site development that will inject critical inventory into our housing market.”

Mr DeSilva’s remarks came during a town hall meeting with an occasionally sceptical audience at the Open Door Christian Assembly, St David’s, on Thursday night.

The event highlighted the Government’s proposed housing developments projects at Tommy Fox Road and Channel House at St David’s.

During lively discussions, Mr DeSilva told residents that in addition to building homes for rent, the Government “is in the process of having conversations with financial institutions in the country about owning homes … about purchasing homes”.

He added: “Our goal is to … with the assistance of the banks to build homes — but, we want the banks to do their part.

“We know that a lot of our young people and some of our middle-aged people are looking to buy homes.

“We talked to the banks and we say ‘we want you to do your part … you’re making millions of dollars off the people of this country and you have to do your part’.

“The good thing is that we have three of the banks that are willing to work with us on that — I can assure you that it is very much on our agenda.”

Asked for detail, the ministry spokesman said: “While the foundational banking partners have been established, we are currently in the final stages of standard commercial due diligence.

“This involves finalising the precise financial structures, legal mechanisms and operational workflows to ensure the arrangement maximises value and protection for the public purse.”

He added: “We look forward to sharing a comprehensive update and formally announcing the finalised, executed agreements with our banking partners in the very near future as we prepare to break ground.”

At the town hall, Mr DeSilva said he often received calls with “shocking stories” from residents trying to find accommodation.

“My goal is to produce as many homes as quickly as we can,” he said.

He said the Government would “spread” the homes across the island “as much as we possibly can”, to avoid having “any particular area to be super inundated”.

Mr DeSilva said the ministry had physical counted about 310 derelict or uninhabitable homes on the island.

The Government plans to build 110 units at Southampton and 60 units at Dockyard, attendees heard.

Legislation is also being examined to determine how properties around the island can be converted for housing.

In response to questions, Mr DeSilva told residents that safety issues, the need for more public transportation in the area and a supermarket were being looked into.

“I got good news for you — you’re going to get a supermarket in St David’s in the very, very near future,” he told attendees, to applause.

A grocer was said to have plans imminent about opening its doors at the East End.

Earlier, Christopher Famous, a government MP and chairman of the Bermuda Housing Corporation, disclosed that the housing projects at the parish will see the construction of 12 two-bedroom units and 12 three-bedroom units on Tommy Fox Road.

Residents also heard that 35 single-occupancy units were being retrofitted in the Channel House, specifically for senior living.

Some residents suggested that the Government should have held similar public engagements before the housing projects in the area were conceptualised.

One said: “St David’s has been the sacrificial lamb of Bermuda … everything is happening elsewhere but St David’s is always a dumping ground. Everything in this parish we have to fight for.

“You should have come to us before, sort things out and then come to us,” he said of the proposed housing projects. “The fact is right now the cart is being put before the horse.”

Suggestions included the conversion of unused buildings, such as the Clearwater Middle School building in St David’s, as a home for seniors.

One irate resident said buildings elsewhere, such as the former TN Tatem Middle School in Warwick, could have been used to ease the housing crisis.

She said St David’s residents felt “neglected”, with the area in need of investment.

“You consider Morgan’s Point for a tourism hospital, you consider Nine Beaches for the Norwegian Cruise Line — why is St David’s not being considered for a tourism project?”

She added that a St David’s Community Plan had been unveiled a few years ago with little heard since.

The issue was raised recently by Maurice Foley of the One Bermuda Alliance, who said action on the draft 2022 community plan needed to be shared with residents.

To cheers from the floor, the woman said: “We have dealt with things for many years and we are sick and tired of it.”

Mr DeSilva responded: “I hear you, and that’s why I came and wanted to talk to you.”

•A second town hall is scheduled to be held at Mount Zion African Methodist Episcopal Church Hall in Southampton on Tuesday at 6.30pm.