NHT to Increase Efforts in Affordable Housing Development
“The Government of Jamaica three years ago gave a directive to the board of the NHT that all their policy efforts must be focused on the delivery of affordable housing solutions.”
– Prime Minister Holness
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Prime Minister Andrew Holness says the Government remains committed to providing affordable housing solutions tailored to different income brackets.
In a significant move aimed at addressing Jamaica’s housing challenges, the government has directed all National Housing Trust’s (NHT) resources towards the delivery of affordable housing solutions. This strategic focus will ensure that every Jamaican has access to quality and affordable housing.
Speaking on Wednesday (March 27) at the Jamaica Mortgage Bank Ribbon Cutting Ceremony of The Vineyards at Deanery apartment complex, Prime Minister Holness stated:
“The Government of Jamaica three years ago gave a directive to the board of the NHT that all their policy efforts must be focused on the delivery of affordable housing solutions.”
Prime Minister Holness outlined the NHT’s strategies, including the Developers Programme and Guaranteed Purchase Programme, aimed at mitigating market risks for developers and ensuring the availability of affordable homes for Jamaican citizens and NHT contributors to purchase.
“The objective is that the NHT will bring to market 43,000 housing solutions within the next couple of years. In fact, it is already happening, and every year we bring to market thousands of houses. But in the next couple of years, the pace of delivery of that will increase.”
Despite challenges faced in the past, such as price discrepancies in agreed-upon units, the government remains steadfast in its commitment to affordable housing initiatives.
The government’s partnership with the private sector in high-income housing developments was also highlighted, showcasing a collaborative approach to address diverse housing needs across income brackets.