News from the OPM

Prime Minister Holness Announces 3-6 Month Moratorium for NHT Mortgagers Among Other Special Recovery Initiatives by NHT Post Hurricane Beryl 


Prime Minister Holness Announces 3-6 Month Moratorium for NHT Mortgagers Among Other Special Recovery Initiatives by NHT Post Hurricane Beryl 

“This moratorium is particularly timely as families prepare for the back-to-school period. This is a special moratorium arrangement for mortgagors impacted by the storm. NHT continues to facilitate general applications for moratoriums for persons impacted by loss of income and other special circumstances.”

– Prime Minister Holness

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The Government has approved a relief package for persons who suffered infrastructure damage to their homes as a result of Hurricane Beryl, which battered sections of the island two weeks ago.

Prime Minister Andrew Holness says the special recovery initiatives are to support Jamaicans who were impacted and enhance long-term disaster resilience within communities.

Speaking in Parliament on Tuesday (July 16), the Prime Minister announced that all NHT mortgagors are covered under the NHT’s comprehensive House Owners Policy, which protects against various types of damage, including fires, hurricanes, windstorms, and full floods.

“The NHT has already received numerous inquiries and claims following Hurricane Beryl. The NHT has mobilized its branches to anticipate and process the claims to be submitted by mortgagors in the coming days,” stated Prime Minister Holness.

To assist mortgagors affected by Hurricane Beryl, the NHT is offering a moratorium of three to six months on mortgage payments. This special arrangement will provide financial relief, allowing affected individuals to prioritize urgent property repairs.

“This moratorium is particularly timely as families prepare for the back-to-school period. Note that this is a special moratorium arrangement for mortgagors impacted by the storm. NHT continues to facilitate general applications for moratoriums for persons impacted by loss of income and other special circumstances,” Prime Minister Holness emphasized.

Additionally, Prime Minister Holness noted that the NHT will facilitate a special home improvement loan for existing mortgagors to assist in necessary repairs and home improvements, thereby improving disaster resilience.

“This facility aims to support mortgagors who need to supplement their insurance arrangements to adequately complete repairs. It also extends to NHT contributors who do not currently have a mortgage but have suffered property damage due to the hurricane,” the Prime Minister added.

Recognizing the needs of the most vulnerable, the NHT will also offer a special home grant to contributors who sustained damage to their homes. Prime Minister Holness pointed out that this grant will be available based on need and the level of impact, ensuring that both contributors and mortgagors can apply for assistance.

Importantly, in a broader effort to support national restoration initiatives, Prime Minister Holness announced that the NHT will contribute J$200 million to the national restoration effort.

The Prime Minister said these initiatives will begin rolling out next Tuesday, July 23, with further details on the criteria and implementation process to be provided by the Ministry of Labour and Social Security.

Prime Minister Holness highlighted that the comprehensive measures by the NHT are designed to ensure swift and effective recovery for those affected by Hurricane Beryl, while also enhancing the long-term resilience of communities against future disasters.