Prime Minister Encourages Developers to Utilise NHT’ Guaranteed Purchase Programme

Prime Minister, Dr. the Most Hon. Andrew Holness, is encouraging developers in St. Thomas to take advantage of the National Housing Trust (NHT) Guaranteed Purchase Programme (GPP), designed to boost housing delivery through public private partnerships.

He made the call while delivering the keynote address at the groundbreaking ceremony for the Rozelle Estate housing development in the parish on May 8.

The GPP, introduced by the NHT in November 2018, enables developers to conceptualise and execute housing projects, while the Trust absorbs market risk by purchasing units within those developments.

The initiative seeks to harness private sector efficiencies to deliver housing solutions at lower costs and within shorter timeframes, while developers assume the bulk of implementation risks.

Under the arrangement, developers are responsible for designing, implementing, maintaining, and closing out projects. Once completed, the units are made available to qualified NHT contributors through the Trust’s financing options.

“The Guaranteed Purchase Programme, I think, is a wonderful innovation, and I encourage more developers, especially in St. Thomas, to approach the NHT to utilise it,” the Prime Minister said.

Dr. Holness noted that St. Thomas is well positioned to benefit from increased housing development, given ongoing infrastructure improvements and the parish’s proximity to the Kingston Metropolitan Area.

“The roadway is convenient, the lands are available, the water infrastructure has been put in, and the Government policy is to support housing development along this corridor,” he stated.

The Prime Minister also indicated that St. Thomas could see approximately 10,000 housing solutions over the next three years.

“The NHT will tell you that there are several landowners along this stretch that have already approached the Trust for them to purchase lands and for them to partner with housing development,” Dr. Holness added.

The Rozelle Estate development, undertaken through a partnership between the NHT and New Rozelle Properties Limited, will deliver 895 housing solutions at an estimated cost of $9.65 billion.

The project will feature one and two bedroom units. Of the total 895 housing solutions, 660 will be allocated to the NHT, while New Rozelle Properties Limited will retain 235 units.