Some 3,000 houses built under NHT’s Guarantee Purchase Programme
WESTERN BUREAU:
JOYCE WILSON, corporate communications manager at the National Housing Trust (NHT ), said that in the 10 months since its inception, the Guarantee Purchase Programme (GPP) public-private partnership with developers has produced some 3,000 housing units in Westmoreland and St Catherine.
Wilson said these partnerships are already delivering since they were forged in February of this year to empower and assure developers, both large and small, of a guaranteed market for their units, which will be going to the market in the first quarter of 2020, as the NHT moves closer to meeting its commitment to deliver 23,000 housing starts by 2021 to its contributors.
However, acknowledging that by itself the NHT will not physically be able to meet the growing demands for affordable housing solutions, despite its original mandate to its contributors, Wilson said the trust has forged a partnership with the Realtors Association of Jamaica under the GPP and the Small Contractors Programme (SCP) to begin the process of developing housing units.
“Today, we have had 60 developers expressing interest and we have had nine approvals; and of the nine, they have so far guaranteed nearly 3,000 houses,” Wilson said, while addressing the International Realtors’ Association Conference and Expo, held in Montego Bay last week
“The largest is 1,200 in Innswood, St Catherine, known as Silver Sun, and that will come to the market in January [2020],”Wilson said.
“We also consider the small developers where the smallest one that we have to date is 41 units and that’s Savannah in Westmoreland. So whether you are large or small, we need you to build those units so that we can go to the market to our contributors,” added Wilson.
GUARANTEED SALES PROVIDED
The NHT’s corporate communications manager said developers are in a better position and frame of mind, now that they are provided with guaranteed sales for their units as before this year, they were unwilling to take the risk to develop residential housing units.
“I have been having dialogue with the realtors and the last time we met, the dialogue was about how they can be more creative to work with us to bring more houses to the market,” said Wilson.
“Under our GPP and the SCP, we were able to say to you, concentrate on developing the units, do not worry about the market, we will take everything from you, or part thereof,” Wilson told realtors at the conference.
She further noted that there are large parcels of land across the country waiting to be developed into residential units.
“I was amazed when I observed the amount of land available, from Lucea in Hanover, to Negril in Westmoreland, I just didn’t know that we have so much land around this place. We also have a programme called the Cluster Housing Programme, where we can finance people building on the land,” said Wilson, in seeking to implore developers to increase their partnership with the NHT to provide contributions with affordable homes.