The National Housing Trust (NHT) plans to commence construction of 15,009 new housing solutions and deliver a total of 3,664, comprising houses and residential lots during fiscal year 2024/25
The entity says it will remain focused on implementing strategic changes to optimise loan processing and access to mortgage financing for contributors during the period.
Details of this and other programmed engagements are outlined in the Jamaica Public Bodies Estimates of Revenue and Expenditure for the year ending March 2025.
The NHT will oversee the processing of 8,955 mortgage loans and initiate the construction of a branch office in Clarendon, aimed at improving service delivery to contributors in the parish and its environs.
Over the three-year period, 2020/21 to 2022/23, the Trust delivered 6,657 housing solutions to the market.
Implementation of the External Financing Mortgage Programme in 2023/24 should enable the NHT to direct more funding towards housing construction in 2024/25.
The solutions programmed for delivery to the market during 2024/25 will be constructed under various NHT programmes. These include NHT projects – 987, labour and small contractors – 50, interim financed – 166, joint venture projects – 1,349, the Guaranteed Purchase Programme – 242, the Community Renewal Programme – 18, and 670 solutions through individual loans.
The NHT’s planned capital expenditure includes $46.58 billion for the commencement and completion of these housing solutions.
Meanwhile, the NHT will undertake strategies to bolster the number of active contributors in 2024/25, while continuing to enhance the management of its contribution portfolio.
These strategies will include increased use of technology and marketing, and will see the trust implementing a loan end-to-end solution by June 30, 2024.
It is expected that implementation of these strategies will result in an 8.5 per cent increase in contribution collections to $61.68 billion.
The NHT will also continue to take proactive measures to safeguard its contributors by refurbishing police stations situated near its housing schemes. These activities will be executed at a cost of $770 million.
Additionally, the NHT will pursue infrastructure upgrading of some of its older schemes at a cost of $645 million.
It anticipates an operating surplus of $18.66 billion over the period and a projected staff complement of 1, 291.
— JIS
