Dear Editor,

Prime Minister Andrew Holness lit a powder keg with his comments about National Housing Trust (NHT) being a business and not a charity. Opposition Leader Mark Golding and company were quite ready, much like a colony of wasps zooming in on whomever was unfortunate enough to poke the nest.

While the Opposition and its supporters were busy wringing their hands, I was more concerned with the operations.

While on the road, I asked someone if they were seeking to buy a house. They said they are seeking a place to buy and they are using an NHT mortgage. The person is qualified for $6.5 million to purchase a house or $3 million or so to purchase land.

Now, on the outside, I was optimistic and reassuring, but, on the inside, I felt like I was in an uphill battle. Where in Jamaica is a house being sold on the open market for $6.5 million? You’d more likely find land going for $6.5 million, and they typically spend an extremely short time on the market, all else being equal. To find residential lots for $3 million is even harder. And not only that, but you have to consider that the competing buyer may be making a cash purchase and therefore can make payment immediately.

Needless to say, the little NHT buyer gets steamrolled.

The present argument about the NHT has to do with whether it is a charity or a business. My question is: Is it effective at serving the poor’s homeownership dreams, regardless of whether they are a charity or business?

The best way to use NHT is when you’re doing joint financing with a bank, and even that is hard due to the fact that many of the NHT’s target market goes largely unbanked.

Just another instance of Jamaicans majoring in the minor.

Marcus White

whitemarc918@gmail.com