The National Housing Trust (NHT) will be reserving up to 10 per cent of the housing solutions in the current housing plan for contributors under 35-years-old, who are currently at a disadvantage compared to older contributors.

Over the next five years, this will result in approximately 4,300 housing solutions being available at 100 per cent financing up to $15 million, subject to affordability levels for this age cohort.

Prime Minister Andrew Holness, who made the announcement Thursday during his contribution to the 2024/25 Budget Debate in the House of Representatives, said this policy “represents another wealth creation initiative of the Government targeted towards youth”.

He pointed out that based on the NHT’s beneficiary selection system, the longer you contribute, the greater your chance of selection for a scheme unit.

“Consequently, older contributors are the ones mainly selected for NHT scheme units,” he said.

The prime minister said the NHT was cognisant of some of the indirect consequences of this policy, and its direct impact on specific groups – particularly contributors below the age of 35.

“The Trust’s data suggests that this group is underrepresented in scheme selections, even when factoring for other affordability and accessibility levers such as intergenerational and parent assist mortgages, which take into account the points of the older applicant,” said Holness.