The National Housing Trust (NHT) in Jamaica is addressing long-standing criticisms regarding its loan amounts, which are often perceived as insufficient to cover the cost of homes. Dwayne Berbick, Assistant General Manager of Corporate Communications & Public Affairs at NHT, emphasizes the importance of applying for housing opportunities. “Once selected, we can discuss various tools and subsidies to make homeownership more affordable,” Berbick stated during an interview with the Jamaica Observer’s Real Estate on the Rock.
For properties on the open market, the NHT can lend up to $9 million to qualified individuals, while 100% financing is available for homes sold directly by the Trust. For instance, the Vineyard Town development offers 430-square-foot studio apartments priced at $15 million. A qualified individual earning at least $24,750 monthly can secure full financing, with monthly payments of $35,750 over a 40-year mortgage. Dual applicants would pay $38,750 monthly.
Berbick highlighted additional support mechanisms, such as home grants of up to $3.5 million for contributors earning less than $30,000 weekly with over seven years of contributions. Deferred financing is another option, allowing borrowers to pay 60% upfront and gradually cover the remaining 40% as their financial situation improves. The NHT also offers intergenerational mortgages, enabling younger family members to assist with repayments.
The NHT ensures affordability by selling homes at cost and applying subsidies in financing arrangements. “We aim to assist those who need it most,” Berbick explained. Despite high demand—evidenced by over 2,000 applications for the 14-unit Vineyard Town development on the first day—the NHT prioritizes applicants living or working near the developments and allocates units to special groups, including public sector workers and low-income earners.
Looking ahead, the NHT plans to release 210 units in Maxfield Park by year-end, part of its ongoing construction of 10,300 homes. Additionally, service lots in Malvern Housing Development, priced between $3.1 million and $5.8 million, offer 100% financing, allowing contributors to purchase land and begin construction using their NHT loan allotment.