- National Housing Trust (NHT) Chairman, Easton Douglas, says approximately $185 billion or approximately 86 per cent of the NHT’s total assets of $214 billion is invested in mortgages.
- The investment, he said, has assisted contributors in acquiring various housing solutions.
- Mr. Douglas said the mortgages have been facilitated through over 100,000 loans that have been provided, 18,000 of which were approved over the last two and half years.
National Housing Trust (NHT) Chairman, Easton Douglas, says approximately $185 billion or approximately 86 per cent of the NHT’s total assets of $214 billion is invested in mortgages.
The investment, he said, has assisted contributors in acquiring various housing solutions.
Speaking at a media briefing at the NHT’s New Kingston corporate office on Monday, November 24, Mr. Douglas said the mortgages have been facilitated through over 100,000 loans that have been provided, 18,000 of which were approved over the last two and half years.
Of this number, he said, 7,544 were created in 2012/13; 7,750 in 2013/14; and 3,024 during the first six months of the current fiscal year, between April and September. He advised that “active” loans currently stand at 101,000.
Mr. Douglas informed that consistent with its mandate, the NHT has been improving the supply of housing to contributors, and over the last two and a half years, $55.2 billion has been spent on housing developments island-wide. This includes an expenditure of just over $22 billion in 2012/13; $422.6 billion in 2013/14; and
$10.6 billion between April and September this year.
These developments include: 288 solutions at Hampden, Trelawny, for tourism and sugar workers, among other beneficiaries, which is ongoing; 259 at Perth, Manchester; 140 at Creighton Hall, St. Thomas; 108 at Balaclava, St. Elizabeth, which is ongoing; 63 at Nashville, St. Mary; 48 at Majesty Gardens, St. Andrew; and 40 at Meylersfield, Westmoreland.
Mr. Douglas advised that the NHT is also jointly undertaking projects with the Housing Agency of Jamaica (HAJ). These are located at Boscobel, St. Mary, where 256 houses are being provided; and Whitehall, Westmoreland, where 157 solutions are being developed.
Additionally, he said, interim financing is being provided for developments in Jacaranda, St. Catherine, and Holland, Trelawny.
In relation to grants, Mr. Douglas said $875 million has been provided to 730 contributors over the two and a half-year period. These include: $432 million in 2012/13; $309 million in 2013/14; and $124 million between April and September this year. He advised that another $624 million of grants “is available for take-up over the rest of the financial year.”
Noting that the grants are available for persons earning under $10,000 per week, who have been contributing to the NHT for more than 10 years, Mr. Douglas contended that this is a “real benefit” to contributors at the lower end of the earning scale to “top up” their loans. He said, in so doing, NHT is “placing them in a position to afford a home.”
Meanwhile, Mr. Douglas advised that the NHT has completed the processing of certificates of titles for delivery to more than 3,000 of approximately 7,000 contributors, who have not yet received their documents for NHT-built and funded properties.