Effective July 1, contributors to Jamaica’s National Housing Trust (NHT) will benefit from increased loan limits.
Single contributors can now access up to $7.5 million for home purchases, a rise from the previous limit of $6.5 million.
However, if the unit costs $12 million or less, the loan limit will be $8.5 million. Prime Minister Andrew Holness, who oversees the housing portfolio, made the announcement during his speech at the 2023/24 Budget Debate at Gordon House.
Additionally, the loan limit for two contributors has increased from $13 million to $15 million, while the limit for three beneficiaries has increased from $19 million to $21 million.
Other loan limits and minimum wage housing grants will also increase from $2.5 million to $3.5 million.
Holness provided an update on the government’s promise to construct 70,000 houses in five years.
According to the prime minister, the government has in progress, under construction, in negotiations, budgeted, or in planning and design, 57,212 units of the target 70,000.
The NHT is concentrating on producing low-cost housing solutions for contributors and has increased its annual expenditure and investment in housing from $21.59 billion in 2013/14 to $46.15 billion in 2021/22.
The housing expenditure is anticipated to rise to a projected $48.17 billion by the conclusion of the 2022/23 financial year.
The NHT is projected to begin 1,742 and complete 1,677 homes in the 2022/23 financial year.
As of now, 5,198 units are under construction in the housing portfolio across 24 projects.
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