Durrant Pate/Contributor

Prime Minister, Andrew Holness has just announced a bunch of housing goodies from the National Housing Trust (NHT) countering those proposed on Tuesday by his Opposition Counterpart, Mark Golding.

The housing goodies announced by the Prime Minister during his contribution to the 2025/2026 Budget Debate include an increase in mortgage limits, all set to take effect on July 1 this year. Prime Minister Holness told the parliament Thursday afternoon that the NHT will be increasing its loan limit from $7.5 to $9 million for a single applicant.

For two applications the combined maximum limit will move from $15 million to $17 million and for three co-applications, the maximum limit will increase from the current $21 million to $23 million. Dr Holness disclosed that on his instructions, for an individual purchasing a unit for $14 million or less, the NHT will lend that individual up to $12 million subject to availability.

Greater loan limit for housing 

This is being done based on the observation that each time the NHT increases its loan limit, there is an increase in the price of houses. He told the parliament that the administration will now give a greater loan limit for housing that will be at the affordable price point, which for the NHT is around $14 million.

“I have given a policy directive that all resources (of the NHT) will be put to building housing at this affordable price point, The NHT will not get involved in any development of houses above this price point. It is very important, Madam Speaker, that you won’t get all the houses at the $14 million price point but they have to be around that price point,” he said.

For construction of houses by individual NHT contributors, the loan limit is being increased from $11 million for double applicants to $17 million and $23 million for triple applicants. 

NHT commemorating 50th Anniversary

In commemoration of its 50th anniversary, this year, Dr Holness announced that the NHT will develop a new parish park in Mandeville, Manchester. He explained that this would represent the third such parish park.  Additionally, for the special year, the NHT will award 50 scholarships instead of the 10 that are usually offered.