Jamaica News: The National Housing Trust (NHT) is on target to achieving 5,500 housing starts and 2,800 completions by March 31 this year.
This was disclosed by Prime Minister, the Most Hon. Andrew Holness, in his 2019/20 Budget Debate presentation to the House of Representatives on Tuesday (March 19).
The Prime Minister said the achievement is attributable to an increase in the NHT’s construction activities during the 2018/19 fiscal year.
Mr. Holness said the Trust’s increased activities will continue in 2019/20 with a programmed housing expenditure of $39.4 billion, some 220 per cent more than the $17.9 billion spent in 2016.
“The resulting impact is more than 14,000 housing starts for the period 2016 to 2019, thereby increasing the inventory by 152 per cent, and completions totalling 6,000 solutions over the same period,” the Prime Minister further noted.
Mr. Holness said the NHT’s actions have also resulted in a 22 per cent decline in cash and investments, pointing to a “noted shift” from their investing in the financial markets to housing “and the lives of the persons that the entity serves”.
“Overall, the NHT would have invested 89 per cent of total assets in housing as at March 2019, up from 84 per cent in 2016. The ratio is projected to increase to 92.5 per cent by the end of March 2020,” he added.
Mr. Holness said the Government remains committed to ensuring that every Jamaican has a “fair chance” of owning their home and residing in a secure environment by “tasking the NHT to lead the development of planned housing solutions”.
Source: JIS News