Improved Offerings to NHT Contributors July 1

National Housing Trust (NHT) contributors will be able to take advantage of the previously announced policy changes that are to take effect on July 1.

This means that all NHT mortgagors will become eligible for a home improvement loan of up to $3.5 million after 10 years of their initial mortgage, which marks a significant reduction from the previous 15-year waiting period.

Before this change, only public-sector workers would be eligible after 10 years.

Speaking at a Jamaica Information Service (JIS) Think Tank, on June 26, Administrative Support Manager of the NHT, Shara Luke, said the initiative has been revised to ensure equity in the delivery of products to all NHT contributors.

She added that the NHT is also expanding its product offerings to better assist homeowners.

“At the NHT, we continue to look at ways that we can improve on our contributors and mortgagors’ eligibility and affordability. So, with the Government’s thrust towards renewable energy, we have also designed new products that will assist our contributors at large in accessing funding for renewable energy equipment and devices,” Ms. Luke said.

These include the introduction of the Smart Energy Home Improvement Loan and the Smart Energy Grant for Public Sector Pensioners.

With the new loan offering, homeowners can access financing of up to $1.5 million to outfit their home with energy-saving technologies, such as solar panels and batteries, solar water heaters, and rainwater harvesting systems.

Furthermore, for the next three years, 30 Government pensioners per parish will receive grants of up to $1.5 million each to instal solar panel systems on the homes.

Ms. Luke said pensioners who earned less than 30,000.00 per week at the point of retirement are being prioritised for this grant.

“Another provision that we will have is the Home Starter Programme. We know that we have our younger contributors and over the years they have felt marginalised. So, the NHT has identified projects where we will allow more young persons to buy into those schemes with the opportunity to sell it back to us without losing their NHT benefit,” she informed.

With this innovative buy-back approach, contributors can sell their units back to the NHT within 10 years and access full benefits for acquiring a new home.

The Starter Home Housing Programme will feature one-bedroom and studio apartment complexes in urban centres.

Initial developments include units in Vineyard Town and Howard Avenue in Kingston.

Additional units in Barracks Road, Montego Bay, are earmarked for this initiative and will target workers in key sectors like tourism, business process outsourcing (BPO), and security.

Meanwhile, other contributors will benefit from the Special Young Adults Programme.

By virtue of the increasing demand for homeownership among young adults, the NHT will begin to reserve at least 10 per cent of its housing solutions for contributors under 35 years old.

It is estimated that approximately 4,300 housing solutions will be available over the next five years, with the possibility of 100 per cent financing up to $15 million from the NHT.

Along with these changes, the NHT is extending support to micro, small and medium-sized enterprises (MSMEs) and charitable organisations under its Contribution Amnesty Programme.

Eligible entities with a staff complement of 50 persons or less, and or annual earnings under $425 million can settle outstanding contributions with waived penalty interest.

Additionally, these organisations can enjoy a 20 per cent discount on employer contributions settled by September 30, 2024.

The Contribution Amnesty Programme aims to promote regularisation and stimulate economic recovery and will be available up to March 2025.