Young Persons Can Own Homes Through NHT`s Parent Assist Programme

For many young Jamaicans, the journey to homeownership can be daunting, marked by financial hurdles and competitive real estate markets.

Recognising these challenges, the National Housing Trust (NHT) has introduced a unique solution called the Parent Assist Programme, designed to help young Jamaicans achieve homeownership by leveraging the contributions of their parents.

For Jody-Kay Turner, this has made a significant impact financially and has set her up for future success.

Three years ago, at just 27 years old, Ms. Turner secured a home in St. Catherine with the help of her mother, Joan Mullings.

Today, Ms. Turner is enjoying her home in the Roseneath Housing Scheme with a steady mortgage and can now focus on other milestones.

“This programme has made a positive impact on my long-term financial goals. I can plan for other investments now because my home is already settled,” she tells JIS News.

“When I started to search for a home, I realised that the open market would not work out for me, and the best solution would be the Parent Assist Programme. I just want to encourage the young people to never give up on themselves. If you apply one way, for instance, from the open market and it doesn’t work out for you, try another way. Don’t give up,” Ms. Turner says.

She explains that with her mother having met all the requirements for the loan product at the time of application, the process and her journey to homeownership became seamless.

Parents can assist a child (biological or adopted), to purchase an NHT scheme housing solution, units on the open market, serviced lots or access funds to build a house.

To qualify for these benefits, a parent must meet all eligibility requirements, including being 70 years old or younger; have contributed to the NHT for 10 years or more; and have at least one year’s contribution remaining with the Trust.

Ms. Mullings echoes her daughter’s sentiments, describing the pride and fulfilment that comes with helping a child secure his or her own home.

She is proud to have assisted her daughter in her homeownership journey and is encouraging other eligible parents to follow suit.

Ms. Mullings says the financial advantages and emotional and generational impact of this programme are profound.

“I believe it [Parent Assist Programme] is a good thing. I am happy. I feel so good. When a parent can assist their child to get a house it is a good thing because they are getting older and they want their space. Also, you (parents) can have somewhere to go whenever you are tired at your home,” she notes.

She adds that the initiative is not just an opportunity for parents to help their children secure a home but also laying a foundation for long-term stability and independence.

Administrative Manager at the NHT, Shara Luke, says the Parent Assist Programme is about more than just buildings and mortgages, as it creates a sense of security for the next generation of Jamaicans.

She tells JIS News that as the Government continues to prioritise homeownership as a pillar of national development, this facility is a critical component, providing younger generations with a head start on their journey to financial independence and generational wealth.

She adds that by supporting these aspirations, the NHT is not only building houses but also building a stronger, more secure Jamaica for the years to come.

“The Parent Assist Programme fits squarely into the NHT’s mission of increasing homeownership, especially for our younger contributors. The Parent Assist provision allows for improved access to homeownership for this demographic,” Ms. Luke says.

This approach significantly boosts a young person’s chances of owning a home, either by transferring the parent’s NHT points for scheme selection or by providing additional financial backing.

For those looking to acquire an NHT-financed scheme unit, the parent’s accumulated points, earned through years of contributions, play a crucial role.

“Selection for an NHT-financed scheme solution is based on a scoring system, where points are allocated for each year of contribution. The points the parent accumulates are assigned to the child, thus improving the child’s chance of being selected. This assists with accessibility,” Ms. Luke tells JIS News.

She points out that for parents who are already homeowners, the programme offers an even more substantial benefit.

Instead of the typical $3.5-million loan available under standard terms, these parents can access up to $7.5 million to assist their child in buying or building a home, greatly enhancing affordability.

This means parents can provide their children with a financial leg-up that might otherwise be out of reach.

“Parents always want what is best for their children. This is a great opportunity to assist a child with stability, security, and accumulating generational wealth,” Ms. Luke says.