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Be creative with housing finance products, PM urges

Saturday, October 21, 2017

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MONTEGO BAY, St James — Prime Minister Andrew Holness has said that there is a growing demand for mortgage providers to adjust financial packages aimed at satisfying the needs of prospective homeowners.

“I believe that housing financing is an opportunity for disruption,” Holness said. “There is room for greater innovation in diversifying and structuring the portfolio of housing finance products to meet the needs of the different groups of prospective homeowners.

“Access to safe and affordable housing is the cornerstone of a growing society. We can never truly speak of progress and prosperity without a focused approach to solving our country's housing needs,” he continued.

Delivering the keynote address at the opening ceremony of the three-day Regional Housing Conference at the Iberostar Hotel in St James on Wednesday, the prime minister also pointed to the need to carefully examine how home ownership will become a reality “by looking at creative ways of financing the solutions and increasing awareness of available options”.

“Housing financing continues to be one of the biggest constraints to owning a home. This is due to a number of factors including low levels of income, low levels of savings, bad credit, and inability of persons in the informal community to be able to access loans,” the prime minister said.

He argued that the conference provides a powerful platform to answer the questions of how housing solutions will bemade accessible and affordable.

Meanwhile, speaking ahead of the prime minister, Minister Without Portfolio in the Ministry of Economic Growth and Job Creation Dr Horace Chang echoed similar sentiments.

“This conference offers a useful opportunity to present solutions to long-standing issues within the sector, both locally and regionally,” Dr Chang said.

The inaugural regional housing conference was hosted by the Ministry of Economic Growth and Job Creation.

— Horace Hines

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