The Government is to develop a national housing policy, with a number of key components, including a new-look joint venture housing plan.
Water and Housing Minister, Donald Buchanan made the announcement on January 25, while speaking at the launch of FirstCaribbean International Building Society’s international hard currency mortgage product, at the Knutsford Court Hotel in Kingston. Mr. Buchanan said the policy would focus on the area of housing finance, as this was critical to the success of any housing sector. In this regard, he said efforts would be made to, among other things, identify appropriate measures to increase access to mortgage financing. The Minister pointed out that during the development of the policy, consultations would be held with all relevant partners.
Mr. Buchanan said the housing industry was poised to experience significant growth in the immediate future, due in part to the increase in demand, which would result from expansions in the tourism and bauxite sectors as well as the growth in other sectors of the economy.