KINGSTON, Jamaica (JIS) — Prime Minister Andrew Holness, has announced that the National Housing Trust (NHT) plans to write more than 8,000 new loans at a value of $17.8 billion for the 2017/18 financial year, as it unveils increased benefits for low-income earners.

He announced that effective July 1, the NHT will implement policies to ensure that individuals contributing for seven years, or more, and who meet the NHT eligibility requirements will be able to access funding to allow them to purchase, at minimum, a studio unit.

The prime minister was making his budget debate presentation in the House of Representatives, today.

He further announced that the NHT is providing a special incentive for eligible contributors to purchase scheme units, offering 100 per cent financing for all housing solutions it produces. 

Holness said the agency will also increase the home improvement loan from $1.5 million to allow contributors to access $2.5 million and $5 million jointly.

Loans to purchase land, known as House Lot loans, will also be increased to $2.5 million from the previous limit of $2 million.

All these policies will come into effect on July 1.

Holness said these initiatives tie into previous policy changes and will lead to a greater take-up of loans from low-income earners.

“Of note is that we are going to be delivering solutions which will be aligned to the affordability levels of persons earning minimum wage to $12,000 weekly,” he said.

Last year, the NHT reduced the period of eligibility for home grants from 10 years to seven years; and increased the grant from $1.2 million to $1.5 million.

“We are serious about giving Jamaicans the opportunity to own their own homes,” the prime minister said.