WORKERS IN the tourism industry who receive part of their income in the form of a gratuity, will now be able to include that gratuity as part of their income to draw down a loan from the National Housing Trust (NHT).
Prime Minister P.J. Patterson made the announcement in Parliament, on Tuesday, while piloting amendments to the NHT Act to allow the transfer of $5 billion to the consolidated fund to assist in the transformation of the education sector.
"We have, at the NHT, accepted that workers in the tourism industry, who receive a portion of their income in the form of a gratuity, will be subject for consideration," the Prime Minister said. "(This is) by including their gratuity as part of their eligible income in determining the amount that can be borrowed from the National Housing Trust," he said.
In explaining how this would work, Mr. Patterson said that a worker with an income of less than $5,500 per week would be able to borrow up to $1.5 million at two per cent.
He said this would require monthly payment of approximately $6,890 and the beneficiary would have until the age of 65 to repay such a loan.
Mr. Patterson also disclosed that the NHT would be pursuing other developments, in the tourism belt, and building approximately 2,100 units.
He said these included Ridge Estate in St. Ann, Duncans Hill and Granville in Trelawny, Anchovy and Providence Meadows in St. James, Nashville in St. Mary, and the Point in Hanover.
