NHT incentives for public sector workers
Monique Grange, Assistant News Editor - Radio
Prime Minister Portia Simpson Miller has announced a raft of measures aimed at making homeownership easier for Jamaicans.
The measures are to be implemented with the assistance of the National Housing Trust (NHT).
Speaking during her contribution to the Budget Debate this afternoon, the Prime Minister announced that effective immediately the NHT will increase loan limits on serviced lots in NHT schemes from $1.5 million to $2.5 million.
She also disclosed that the one per cent interest rate reduction offered to public sector workers has been extended for another two years to March 31, 2015.
In addition, the Prime Minister said effective January 1, 2014, public sector employees with NHT mortgages will be eligible for contribution refunds during the four-year period 2014 to 2017.
Simpson Miller also told the House that the Inner City Renewal Programme, which was suspended under the previous Government, will restart in 2014.
The Prime Minister said work will be done on the Central Kingston Police Station at East Queen Street and the Centre for the Investigation of Sexual Offences relocated to Surbiton Road through assistance from the NHT.
She said the move will free up the Ruthven Road property for housing development.
In the meantime, non-public sector mortgagers are also set to benefit from the new incentives.
According to Mrs Simpson Miller there will be no increase in peril insurance rates until March 31, 2014.
She also announced that the NHT will introduce a mobile service, this year, aimed at reaching existing contributors and mortgagors and to sign up new contributors in rural Jamaica.
WATCH: Dear Jamaica House - FA GET IT! (Commentary)