(Jamaica Gleaner) Prime Minister, Portia Simpson Miller, this afternoon announced a raft of measures designed to make more Jamaicans homeowners, ranging from reduced mortgage rates to free houses.
She was making her contribution to the budget debate under the theme ‘A Mission with a Vision.’
The Prime Minister announced that the National Housing Trust will be granted tax-free status for the next two years, and the agency is expected to use the tax break to help some of its most vulnerable contributors.
She noted that more than 55 per cent of NHT contributors earn less than J$10,000 per week and she said the NHT will be introducing a number of initiatives to help this vulnerable group.
She announced that as of this month housing grants of J$1.2 million each will be allocated daily for qualified walk-in applicants on a first come basis.
Simpson Miller said 10 per cent of the total home grant would be reserved for qualified applicants with disabilities.
Simpson Miller also announced a reduction in interest rates come September 1.
And as of September 1, hotel workers who earn J$10,000 per week or less and who apply for an NHT mortgage during the next three years will receive a one per cent reduction on current interest rates.
Simpson Miller said the one per cent interest rate reduction for public sector workers, which was originally due to expire on March 31 next year, has been extended to March 31, 2015.
The Government will collaborate with Food for the Poor to provide 1,200 housing units each year for the next five years free of cost to poor households.
She also announced another initiative aimed at providing housing solutions for NHT contributors who earn between J$5,000 and J$7,000 per week.
Meanwhile, the NHT is to build three new developments in St. Thomas, Manchester and Clarendon.
Simpson Miller says subsidies for these will be announced at a later date.
