NHT Far Advanced in the Delivery of 8,000 Housing Solutions
By: , July 17, 2017The Key Point:
Photo: Yhomo Hutchinson
Prime Minister the Most Hon. Andrew Holness (3rd left) breaks ground on July 14, for the development of 595 housing solutions at the Villages of Colbeck Castle Phase one and two development, in Old Harbour, St. Catherine. Joining Mr. Holness (from left) are Director of BCR Industries, Nassiff Deenah; Chairman of the Jamaica National Heritage Trust, Laleta Davis-Mattis; Managing Director of the National Housing Trust (NHT), Martin Miller; NHT Board member, Doran Dixon; and Mayor of Spanish Town, Norman Scott.The Facts
- “The NHT is doing all that it can to make homeownership much easier, and we are going to reach the point in Jamaica, where the cost of squatting will be higher than the cost of acquiring your legal home,” the Prime Minister said.
- The NHT has the most affordable loan options on the market. Its interest rates on loans ranges from zero percent to 6 per cent, according to the borrower’s income. Persons can complete loan repayments in forty years or up to age 70.
The Full Story
Prime Minister, the Most Hon. Andrew Holness, says the National Housing Trust (NHT) is far advanced in the delivery of some 8,000 housing solutions in St. Catherine and Clarendon.
Mr. Holness said persons should seek to be part of such structured developments, as the NHT has made it easier for small wage earners to access funds for home building.
“The NHT is doing all that it can to make homeownership much easier, and we are going to reach the point in Jamaica, where the cost of squatting will be higher than the cost of acquiring your legal home,” the Prime Minister said.
He was addressing the ground-breaking ceremony for the Villages of Colbeck Castle Phase one and two housing development in Old Harbour, St. Catherine, on July 14.
The $5.4 billion development includes the construction of some 595 housing solutions. Currently, the NHT’s lowest earning contributors can access increased funding following improvements made to the Home Grant programme.
Persons earning below $12,000 weekly and who have been contributing for over seven years can now get up to $2.5 million. By combining this, with their mortgage loan, contributors should be able to purchase a unit equivalent in value to an NHT studio.
“We are widening the reach of the NHT (by) increasing the allocation to ensure that all Jamaicans have a housing solution,” the Prime Minister told the audience.
The Villages of Colbeck Castle is a joint venture project between the NHT and BCR Industries, with a 70 per cent ownership by the Trust. The development, which is being done on 36.01 hectares of land, comprises 595 serviced lots; designated areas for one high school and four basic schools and parks; and spaces for recreational, historical, cultural, religious, agricultural, and commercial purposes.
It is slated for completion in October 2018. The NHT has the most affordable loan options on the market. Its interest rates on loans ranges from zero per cent to six per cent, according to the borrower’s income. Persons can complete loan repayments in 40 years or up to age 70.