JIS News

Prime Minister Portia Simpson Miller has announced a further $500,000 benefit for first-time home owners, who are contributors to the National Housing Trust (NHT).
This will move the loan ceiling from $3 million to $3.5 million. She made the announcement on Tuesday (May 1), during her contribution to the 2007/08 Budget Debate in the House of Representatives. She also disclosed that as of July 1, NHT mortgagers who are paying an 8 per cent rate of interest will see a 2 percentage point reduction, while those paying 5 per cent will see their interest rate reduced to 4 per cent. Mrs. Simpson Miller said that during the course of this year, the NHT would accelerate the completion of six housing projects involving 2,466 housing solutions, of which just under 1,500 would be constructed on the north coast. She said $3.8 billion would be spent on the construction of a further 1,827 housing solutions in nine housing projects across the island, while an additional 1,900 housing solutions are to be built at Barrett Hall in St. James. “Especially with the significant growth in tourism investment, we must house the workers to reduce the time and cost of transportation,” Mrs. Simpson Miller said. She said the Inner-City Housing Project has provided opportunities for thousands of Jamaicans who “just want an opportunity to improve their living conditions.”
Four hundred and eighty-six units have already been delivered under the project and an additional 534 are under construction.

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