Townhouse Act coming – PM
Prime Minister Andrew Holness has announced that drafting instructions have been issued for the establishment of a Townhouse Act to address, among other things, the problem of upkeep of properties.
Holness made the announcement while speaking this morning at the Annual Real Estate Symposium put on by the Realtors Association of Jamaica.
He said the legislation will be fast-tracked as it will be important in helping homeowners maintain the value of their property.
The Prime Minister noted that for years the real estate industry has been calling for the legislation in light of the growth in gated communities and similar developments.
He also told realtors that consideration is now being given to policy changes which will allow for a secondary mortgage market to be developed in Jamaica.
This is where home loans and servicing rights are bought and sold between lenders and investors.
According to the Prime Minister a policy for reverse mortgages is to be introduced in the medium term.
This is a kind of home loan for older homeowners that allow them to convert part of the equity in their homes into cash.