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Implement more public-private partnerships to build housing solutions
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Introduce more cost effective building technology, in order to reduce housing costs
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Promote longer term mortgages, to drive down recurrent costs to homeowners
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Lower real estate taxes, to drive down transaction costs to potential homeowners
We have too many housing institutions doing the same work. In these austere times we need to consolidate and focus our energies on
ensuring our people have homes. This is one of the most important roles of government.
It is time, especially in the face of tight fiscal space, to rationalize our housing institutions by reforming two significant entities; and
utilizing the synergies between the three primary housing agencies.
Together with institutional alignment, we will:
The Housing Fund will be resourced and re-vitalized to focus
on the offer of 50-60 year (inter-generational) mortgages, rural
housing, and housing for very low income and indigent persons.
The proposed intergenerational mortgages will give young
persons the option of starting on the home ownership path by
combining with a family member on mortgages with lower monthly
payments. The “intergenerational” mortgages will also allow the
NHT and the Housing Agency of Jamaica to craft and develop
a secondary mortgage market that would provide liquidity from
pension funds and other investors to this very important housing
and job creation sector.
HAJ:
This body will focus on the development of housing at all levels in the public sector and will build on behalf of government
and the NHT. The HAJ will engineer partnerships with the private sector, engaging the skills of our local developers and
engineers. It will be responsible for all housing construction projects in the public sector.
NHT:
After reform of its governance structure, the NHT will work solely to ensure that its funds are used for the intended
purpose, in particular, financing for-low income contributors.
The Mortgage Bank of Jamaica would again expand an active secondary mortgage market and focus on private sector
financing and public private partnerships to stimulate housing at all levels.
A.
B.
C.
The drive to ensure lower interest rates as well as the construction
of more and more affordable housing in all markets, will ensure
that among other persons, young persons who currently have little
or no hope of purchasing their own home, will have a chance to
live their dream.
HOUSING
Institutions: