Jamaica Mortgage Bank to Finance 4,000 Housing Solutions

The Jamaica Mortgage Bank (JMB) intends to finance over 4,000 housing solutions under its Construction Financing Programme over the next five years.

Minister with responsibility for Housing, Hon. Dr. Morais Guy, made the announcement on May 21, during his contribution to the 2013/14 Sectoral Debate in Gordon House.

He informed that as at April 2013, the JMB has nine projects in the pipeline with a combined value of $1.2 billion.

“The Jamaica Mortgage Bank is another agency committed to that mandate of providing affordable housing solutions for Jamaicans. It continues to be a major player in mortgage facilitation and now stands ready to mobilise even more funds for on-lending to developers and other lending institutions,” he stated.

Under the Construction Financing Programme, the bank will finance up to 80 per cent of the infrastructure and house construction cost to developers.

“Furthermore, in certain instances, the bank will be seeking to fund housing construction projects with unit prices below $15 million at interest rates as low as 10.5 per cent to developers,” he informed.

Contact: Alecia Smith-Edwards

JIS Social