Wednesday, 15 February 2023 11:24

NHT to introduce new financing model - GG

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As the Government seeks to vastly increase the number of affordable housing units entering the market, the State-owned National Housing Trust will introduce a new financing model which will entail partner arrangements with regulated mortgage-lending institutions during the 2023/24 financial year.

This was disclosed by Governor-general Sir Patrick Allen on Tuesday as he delivered the 2023/24 Throne Speech to mark the ceremonial opening of the new parliamentary year at Gordon House.

The Throne Speech sets out the Government’s legislative agenda for the new fiscal year that begins on April 1.

“This framework is intended to significantly increase the supply of mortgages, while at the same time release funds to focus on the development of affordable housing,” Sir Patrick said.

He delivered the near hour-long speech under the theme: “Building a stronger Jamaica, consolidating our recovery, reigniting our decade of growth”.

He said the Government was making steady progress towards its stated target of 70,000 new housing units by the end of 2025-2026.

And, he said the Greater Bernard Lodge development in St Catherine, which is slated for 15,000 housing units, has seen strong interest from developers “and we continue its build-out”.

Meanwhile, the governor-general said the legislative priorities of the Office of the Prime Minister during the upcoming fiscal year will see amendments to the Registration, Births and Deaths Amendment Act, the Access to Information Amendment Act, 2002, and the National Archives and Records Management Amendment Bill.