NHT to expand guaranteed purchase programme
The National Housing Trust (NHT) will expand the Guaranteed Purchase Programme (GPP), targeting efficient developers who are able to deliver housing solutions within the $5-million to $8-million range.
The expansion is to be made during the 2020/2021
financial year.
Prime Minister Andrew Holness made the
announcement during his contribution to the 2020/21 Budget Debate in the House
of Representatives, on Thursday (March 19).
Under the GPP, the NHT will purchase all or
an agreed number of units, thereby relieving the developers of the associated
market risk. Holness said a total of 8,364 housing solutions are being proposed
for the parishes of Hanover, St Thomas, Portland, Westmoreland, St James and St
Elizabeth.
Meanwhile, to facilitate housing
development in areas where a constant supply of water is not available, the NHT
and National Water Commission (NWC) have entered into several agreements where
the NHT provided project funding and grants for the infrastructure works. The Prime
Minister said these agreements were critical to the completion of Cornwall
Court, St James and Paddington, St Andrew.
