Source: Jamaica Gleaner
Opposition Spokesperson on Finance Mark Golding has indicated that informal workers will get their best shot at home ownership under a People’s National Party (PNP) administration.
The PNP will target building 130,000 houses in five years under its rent-to-own scheme.
But, Finance Minister Dr Nigel Clarke charged that the PNP cannot deliver on the promise.
“We feel it is important for our teachers, our security guards, our farmers, our nurses, our entertainment practitioners and so on to have a new way of accessing home ownership,” said Golding in outlining a key aspect of the PNP’s manifesto.
Both politicians were addressing various points of contention at the Jamaica National Debates 2020 on finance and the economy on Thursday night.
“For many people, it is a pipe dream. The rent-to-own scheme is an innovation to make [home ownership] more accessible,” said Golding.
Workers outside the formal system have difficulty obtaining a mortgage.
The PNP, under its rent-to-own scheme, will partially apportion rent as a down payment towards home ownership.
It would require the use of the National Housing Trust as the primary implementing entity, with money capitalised from pension funds and the capital markets, said Golding.
In his rebuttal, Clarke referenced a Biblical aphorism, “Jesus said ‘those who are faithful in small things will be faithful in large things’".
“The PNP was not faithful in the delivery of houses in the last four years, they did 8,000 and we did 20,000. They have no credibility what so ever. Hashtag no credibility.”
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