The National Housing Trust (NHT) is hiring overseas consultants to raise financing internationally, and is awaiting Cabinet's approval of its plan to press ahead with the arrangements.

Already, the National Contracts Commission has endorsed two contracts: US$1.65 million to Standard New York Securities Corporation for "retention of arranger for debt financing."

looking at new strategies

Another US$300,000 contract was similarly endorsed for award to law firm Allen and Overy, but it was not immediately clear whether both retentions were linked to the same plan.

"We are looking at strategies to deal more efficiently with housing and looking at ways we can reduce the cost of developing housing," Earl Samuels, managing director of the NHT, told the Financial Gleaner.

He, however, refused to elaborate on the financing plan.

"With Cabinet, we don't like to anticipate or pre-empt them," said Samuels.

susan.gordon@gleanerjm.com