The National Housing Trust (NHT) will on April 1, commence its Housing Microfinance Initiative, which will allow low-income contributors to repair or improve existing homes or build their own homes, one step at a time.
The Initiative, announced by Prime Minister, the Most Hon. Andrew Holness, in his Budget Debate presentation in the House of Representatives today (March 21) provides unsecured credit to meet the demands of low-income households.
Mr. Holness further announced that commencing April 1, the NHT will provide funds to other institutions for on-lending to current and new contributors to meet specific needs such as titling, infrastructure, utilities installation, construction preliminaries and completion and incremental new construction.
A maximum of $850,000 per borrower will be provided with loan tenure of between six months to five years.
This facility is also accessible to non-contributors, but they must become contributors before disbursement.
“We will offer lower interest rates than can be accessed through other microfinance institutions,” Mr. Holness said.