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$3.6 billion negative cash flow recorded at NHT

Published:Friday | February 14, 2014 | 9:16 AM

Edmond Campbell, Gleaner Writer

KINGSTON, Jamaica:

Members of Parliament’s Public Administration and Appropriations Committee yesterday raised concern about a negative cash flow of $3.6 billion at the National Housing Trust.

Executives from the Trust who appeared before the committee were asked to provide an explanation for the significant negative cash flow.

Acting managing director of the NHT Martin Miller said the payout of $33 billion to date into the Consolidated Fund contributed to the negative cash flows significantly.

He suggested that this was anticipated by the Trust but noted that the housing entity would be en cashing amounts from its investment portfolio to meet the shortfall.

Committee member Audley Shaw also questioned a shortfall of 772 housing starts which the NHT should have delivered in December to low income contributors.

Shaw pointed out that at the end of December the Trust should have completed 2,003 housing starts but only managed to deliver 1,231.

Miller told the committee that a major contributing factor for the missed target were delays in the First Step programme which would be tweaked and relaunched.

The NHT had partnered with Food for the Poor to develop starter units or ‘First Step’ homes which was being sold for $1.2 million to contributors who already own land.


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