WATER AND Housing Minister, Donald Buchanan, disclosed on Tuesday that the Government is taking steps to acquire 50 acres of privately owned lands in Portland Cottage, Clarendon, for the relocation of residents severely affected by Hurricane Ivan.
The lands are expected to accommodate 200 homes to be constructed for the residents who previously lived in unsafe zones.
Minister Buchanan told the House of Representatives that the National Housing Development Corporation (NHDC) has offered a three-month moratorium to all
mortgagors in its Operation PRIDE programme.
"This assistance is valued at about $230 million," the housing minister said during yesterday's sitting of the House.
The NHDC will also undertake the costings and design development and project management services for all the relocation projects associated with damage caused by last month's passage of the hurricane.
$400 MILLION LOAN
Mr. Buchanan also noted that the Jamaica Mortgage Bank (JMB) had brokered an agreement for the Victoria Mutual Building Society (VMBS)
to provide a loan of $400 million. The loan will assist the JMB with its funding of housing development projects islandwide.
"The JMB will lend the money to developers to build the houses and the VMBS will provide the mortgage financing for purchasers wishing to buy a house in one of the developments funded by the JMB," Mr. Buchanan said.
