The Jamaican government is planning a new program to make lands available for housing development as a measure to reduce housing costs for Jamaicans.
This initiative was revealed by Prime Minister Andrew Holness during the opening of Sagicor Group’s New Brunswick Village in Spanish Town, St. Catherine.
Making housing affordable
The program aims to lower the construction costs of houses, making home ownership more accessible for low-income individuals.
The plan involves utilizing the government’s land bank, with the land cost factored into the total house value but subtracted when the house is sold.
Strategic implementation underway
According to the Prime Minister, the government is in the advanced stages of planning and will soon announce how the program will be executed.
The strategy includes the availability of financing, joint ventures, developer programs, and the Guaranteed Purchase Programme with the National Housing Trust (NHT) to influence market prices and keep them affordable.
Addressing the real need
Despite these efforts, Holness acknowledged that more needs to be done to address the housing needs of the low-income segment.
While the NHT and the Housing Agency of Jamaica (HAJ) are building homes for low-income earners, they cannot meet the entire demand for affordable housing on their own.
Encouraging private sector participation
The Prime Minister emphasized the need for private sector involvement in the low-income housing market.
He highlighted the necessity of reducing housing costs to benefit workers such as bartenders, mechanics, hairdressers, and gardeners, who are in dire need of affordable homes.
Streamlining approvals and integrating technology
Holness also pointed out that part of reducing housing costs involves improving the approval and permitting processes and integrating technology into the building process.
