NHT to Build One-Bedroom Apartments as Starter Homes with Buy-Back Clause

The National Housing Trust (NHT) will develop one-bedroom apartment complexes, particularly within or near urban centres, as starter homes.

Prime Minister, the Most Hon. Andrew Holness, made the announcement while making his contribution to the 2024/25 Budget Debate in the House of Representatives on March 21.

Mr. Holness said these apartments will be made available to contributors via sale agreements with an optional buy-back clause.

He informed that the buy-back clause will give mortgagors the option to sell the property back to the NHT after a determined time.

The Trust may repurchase the unit for sale to its contributors.

“The mortgagors who sell their unit to the NHT under this arrangement will be allowed to access a new benefit from the NHT, in full, towards the acquisition of a new home,” Prime Minister Holness stated.

Mr. Holness said this model will be an attractive dwelling arrangement for single dwellers and young couples who do not wish to forfeit an NHT first-time homeowners’ benefit in order to secure stable housing.

He said units that are currently under construction at Vineyard Town and Howard Avenue, St. Andrew, which consist of 264 one-bedroom units, will be sold under this programme.

An additional 303 units at Barracks Road in Montego Bay are also earmarked and will be targeted to workers in the Tourism, BPO and security sectors.

“This is a big move for the homeowner, for young people,” the Prime Minister said.