Susan Gordon, Staff Reporter
THE NATIONAL Housing Trust (NHT) is budgeting for a big growth in the number of persons accessing their loans this year.
According to Corporate Communication Officer at NHT, Karlene Morgan, the organisation is preparing to fund 7,500 borrowers for housing solutions this year.
This could translate to a pay out of approximately $11.5 billion in loans for year 2005-2006 by the nations' prime housing financier, should that number of beneficiaries qualify for his or her maximum loan entitlement total of $1.5 million.
The NHT's records last year indicate that the majority of persons who access loans did so to purchase homes. Miss Morgan said the 7,500 applicants should also include those who wish to purchase land or improve on existing homes.
According to the NHT's website, the budgeted figure for 2006 represents a 22 per cent increase over 2005 when 5,825 beneficiaries accessed loans from the Trust.
LOAN MAXIMUM
The NHT increased its loan maximum by $500,000 in August last year, making the loans more attractive.
"There's a shortage of voluntary sales on the market this year," said realtor Valerie Levy, referring to sales from the existing housing stock.
The NHT completed 737 housing schemes in year 2003 to 2004, 96 in 2005 and has only two schemes slated for completion in 2006 which should provide 177 units.
Statistics from the Jamaica Developers Association reveal that only 98 units will be fully completed for 2006 while the Urban Development Corporation's joint venture with the West Indies Home Contractors in Hellshire Park , St. Catherine should provide Jamaicans with another 165 units by year end.
Up to press time the National Housing Development Corporation could not give the Financial Gleaner statistics on its housing development plans for this year.
