Jamaican Government Unveils Plan for One-Bedroom Apartment Complexes as Starter Homes
In a bid to address housing challenges and provide accessible accommodation for Jamaicans, the National Housing Trust (NHT) has revealed its ambitious plan to develop one-bedroom apartment complexes, primarily situated within or near urban centers, as starter homes.
The announcement was made by the Prime Minister, the Most Hon. Andrew Holness, during his presentation at the 2024/25 Budget Debate in the House of Representatives on March 21.
Under this initiative, individuals who are contributors to the NHT will have the opportunity to acquire these apartments through sale agreements, featuring an innovative optional buy-back clause.
I carefully considered how to respond to you and the needs you have, and have come up with initiatives that I think you will love!
This one allows you to purchase your starter home with the option of selling it back to the NHT as you grow out of it, and still access benefits! pic.twitter.com/I51XVRu3oP
— Andrew Holness (@AndrewHolnessJM) March 25, 2024
Prime Minister Holness explained that the buy-back clause will empower mortgagors with the choice to sell their property back to the NHT after a specified period. The Trust will then repurchase the unit, making it available for sale to other contributors. Moreover, those who opt for this arrangement will be eligible for a new benefit from the NHT to assist in acquiring a new home.
The Prime Minister emphasized that this housing model aims to cater to the needs of single dwellers and young couples who are hesitant to relinquish the NHT first-time homeowners’ benefit in their pursuit of stable housing.
Highlighting specific developments, Holness revealed that units currently under construction in Vineyard Town and Howard Avenue, St. Andrew, comprising 264 one-bedroom units, will be offered under this program. Additionally, 303 units earmarked for Barracks Road in Montego Bay will be targeted towards individuals working in the tourism, business process outsourcing (BPO), and security sectors.
“This is a significant step forward for homeownership, especially for young people,” remarked Prime Minister Holness, underlining the potential impact of the initiative on addressing housing needs across Jamaica.
The unveiling of this plan underscores the government’s commitment to providing viable housing solutions and fostering homeownership opportunities for Jamaicans across various sectors of society.
