NHT to Reserve 10 % of Housing Solutions for Persons under 35 Years Old

Up to 10 per cent of the housing solutions in the National Housing Trust (NHT) current housing plan will be reserved for contributors under the age of 35 years old.

Making the announcement during his contribution to the 2024/25 Budget Debate in the House of Representatives on March 21, Prime Minister, the Most Hon. Andrew Holness, said the policy change will benefit young adults below the age of 35 years old.

He said over the next five years, this will result in approximately 4,300 housing solutions being available at 100 per cent financing up to $15 million, subject to affordability levels.

“This policy represents another wealth creation initiative of the Government targeted towards youth,” Mr. Holness said.

He informed that based on the NHT’s beneficiary selection system, the longer you contribute, the greater your chance of selection for a scheme unit.

“Consequently, older contributors are the ones mainly selected for NHT scheme units,” he said.

The Prime Minister said the Trust is cognisant of some of the indirect consequences of this policy, and its direct impact on specific groups, particularly contributors below the age of 35.

The Trust’s data suggest that this group is underrepresented in scheme selections, even when factoring other affordability and accessibility levers, such as Intergenerational and Parent Assist mortgages, which take into account the points of the older applicant.

Meanwhile, he said the NHT will develop housing targeted to workers in the strategic areas, such as Health, Security, Education and Tourism sectors.

Mr. Holness said this is in recognition of the housing needs of various workers, and to support national efforts to attract and retain talent in strategic fields.

“Where employers and companies in these sectors own lands in proximity to their places of employment, the NHT will partner with them to construct houses,” he said.

The Prime Minister added that the NHT will also reserve units in select housing developments for sale or lease, directly to these companies, which will then make them available to their employees.