NHT implements strategic changes to improve services

KINGSTON, Jamaica – The National Housing Trust (NHT) will continue to focus on implementing strategic changes during the 2024/25 fiscal year to optimize loan processing and access to mortgage financing for contributors.

Details of these and other programmed commitments are set out in the Jamaica Public Bodies Estimates of Revenue and Expenditure for the year ending March 2025.

The NHT will oversee the processing of 8,955 mortgage loans and initiate the construction of a branch office in Clarendon, aimed at improving donor services in the parish and its surrounding area.

Over the three-year period from 2020/21 to 2022/23, the Trust brought 6,657 housing solutions to market.

Implementation of the External Financing Mortgage Program in 2023/24 should enable the NHT to spend more money on housing construction in 2024/25.

The entity plans to start construction of 15,009 new housing solutions and deliver a total of 3,664, consisting of houses and residential plots.

In addition, the solutions that will be brought to market in the period 2024/2025 will be built under various NHT programs. These include NHT projects – 987, labor and small contractors – 50, interim financed – 166, joint venture projects – 1,349, the guaranteed purchase program – 242, the Community Renewal Program – 18, and 670 solutions through individual loans.

The NHT’s planned capital expenditures include $46.58 billion for the start and completion of these housing solutions.

Meanwhile, the NHT will undertake strategies to increase the number of active contributors in 2024/2025, while continuing to improve the management of its contributions portfolio.

These strategies include greater use of technology and marketing, and will ensure the trust implements an end-to-end lending solution by 30 June 2024.

Implementation of these strategies is expected to result in an 8.5 percent increase in contribution revenue to $61.68 billion.

The NHT will also continue to take proactive measures to protect its donors by refurbishing police stations near its housing projects. These activities will be carried out at a cost of $770 million.

In addition, NHT will continue infrastructure modernization of several of its legacy programs at a cost of $645 million.

It expects an operating surplus of $18.66 billion over the period and a projected workforce of 1,291.