Jamaica News: The National Housing Trust (NHT) has approved four projects, comprising 2,143 homes, under its Guaranteed Purchase Programme (GPP), since its launch in November 2018.
Prime Minister, the Most Hon. Andrew Holness, says the projects include 2,050 one- and two-bedroom units in St. Catherine, another 41 in Westmoreland, and 52 two-bedroom houses in St. Elizabeth.
“Construction is expected to commence during this quarter, with some solutions coming to the market by 2020,” Mr. Holness indicated.
The Prime Minister was making his contribution to the 2019/20 Budget Debate in the House of Representatives, on Tuesday (March 19).
Under the GPP, developers will be allowed to conceptualise and execute development plans in designated areas at the approved prices.
The NHT will purchase all or an agreed number of units, thereby relieving the developers of the associated market risk.
Mr. Holness, who advised that the NHT is currently in discussions with 18 developers involved in the programme, said the number of solutions in each project under evaluation for purchase range from 10 to 750.
He indicated that the programme has been “well received” as an important component in “energising” development within the lower income segment of the housing market.
In this regard, the Prime Minister said the NHT, for which he has portfolio responsibility, continues to have dialogue with several other developers showing an interest in the programme.
Meanwhile, Mr. Holness advised that the programme, which enables public-sector workers who are eligible mortgagers to access their NHT cash refunds, has been extended to 2021.
“Additionally, mortgagers who are public-sector workers can now access their second NHT loan sooner. The time was reduced from 15 to 10 years, in 2008,” he said.
Source: JIS News