The benefits for National Housing Trust (NHT) contributors will be increased effective July 1.

With the increased benefit, a single contributor can now access $7.5 million to purchase a home, up from $6.5 million. However, if the unit being purchased costs $12 million or less, the loan limit will be $8.5 million.

Prime Minister Andrew Holness, who has portfolio responsibility for housing, made the announcement Thursday during his contribution to the 2023/24 Budget Debate at Gordon House.

He also announced that where two contributors join together, the benefit will be increased from the current $13 million to $15 million and, where three beneficiaries receive a loan, the limit increases from $19 million to $21 million.

Other loan limits and minimum wage housing grants will be increased from $2.5 million to $3.5 million.

Meanwhile, Holness provided an update on the Government’s commitment to build 70,000 houses in five years.

“With current developments completed, under construction, in negotiations, budgeted or in planning and design, we have, in train, 57, 212 units of the 70, 000,” the prime minister said.

He said the NHT continues to align its strategic efforts and its business model towards facilitating the efficient production of low cost housing solutions to contributors.

And he shared that the NHT has progressively increased its annual expenditure and investment in housing. The housing expenditure has moved from $21.59 billion in 2013/2014 to $46.15 billion in 2021/22 and will further increase to a projected $48.17 billion by the end 2022/23 financial year.

The Trust is projected to achieve 1,742 starts and 1,677 completions for the 2022/23 financial year. There are 5,198 units currently under construction across 24 projects in the housing portfolio, the prime minister said.