Housing Agency of Jamaica projects $900 million in losses for 2016
The Government is projecting that the Housing Agency of Jamaica (HAJ) will lose $900 million this year.
This would push the total losses over three billion dollars in three years.
In the past two years, the HAJ has racked up losses of $2.9 billion.
According to Dr Horace Chang, the minister without portfolio in the Ministry of Economic Growth and Job Creation, in 2011, the HAJ recorded a $350 million profit.
So he says the Government will be restructuring the HAJ to again make it financially viable.
He says the move is also aimed at removing the possibility of corruption and nepotism at the HAJ and encouraging public-private partnerships in housing projects.
The HAJ is a land and housing development company that provides shelter solutions for Jamaicans islandwide.
In July, five senior managers were dismissed from the HAJ amid accusations of gross mismanagement at the government entity.
The HAJ Managing Director, the Director of Technical Services, the Company Secretary and the Senior Managers with responsibility for Construction and Finance and Information were all fired with immediate effect.