The National Housing Trust (NHT) will expand the Guaranteed Purchase Programme (GPP), targeting efficient developers who are able to deliver housing solutions within the $5-million to $8-million range.
The expansion is to be made during the 2020/2021 financial year.
Prime Minister Andrew Holness made the announcement during his contribution to the 2020/21 Budget Debate in the House of Representatives, on Thursday (March 19).
Under the GPP, the NHT will purchase all or an agreed number of units, thereby relieving the developers of the associated market risk. Holness said a total of 8,364 housing solutions are being proposed for the parishes of Hanover, St Thomas, Portland, Westmoreland, St James and St Elizabeth.
Meanwhile, to facilitate housing development in areas where a constant supply of water is not available, the NHT and National Water Commission (NWC) have entered into several agreements where the NHT provided project funding and grants for the infrastructure works. The Prime Minister said these agreements were critical to the completion of Cornwall Court, St James and Paddington, St Andrew.