No more high-rise price tags — NHT is going back to basics.
In a move that signals a serious pivot in housing strategy, Prime Minister Andrew Holness has officially capped all future National Housing Trust (NHT) developments at a price point of $14 million. The message: build for the average Jamaican, not the luxury market.
The announcement, made during the 2025/26 Budget Debate, marks a critical shift in how the government plans to tackle housing affordability in Jamaica. “We’re drawing the line,” Holness said. “If it’s not affordable, NHT won’t be building it.”
This decision is a direct response to public frustration over escalating home prices—especially in light of past projects like Ruthven Towers, where one-bedroom units ballooned to nearly $30 million. Critics blasted the NHT for pricing out the very people it was meant to serve. Now, the Prime Minister says, those days are done.
Redrawing the Housing Map
Holness was blunt: too often, raising loan limits has been like throwing gasoline on a fire — house prices just climb higher.
“Every time we bump the limit, developers respond by upping the price,” he admitted. “It’s time to break that cycle.”
To fight that, the government is not only freezing the development price ceiling at $14 million but also attaching stronger financial incentives for buyers operating within that range. These include larger mortgage limits, lower deposits, and reduced service charges — all designed to ensure lower-income contributors aren’t squeezed out of the market.
What’s Changing on July 1?
Here’s what contributors can expect when the new fiscal year kicks in:
- Bigger Loans for Groups: Two co-applicants can now access up to $17 million; three can reach $23 million.
- Higher Construction Support: Individual construction loans rise to $11 million.
- Deposit Drop: Buyers earning under $30,000 weekly need only 2% down — a major cut from the previous 5%.
- Service Charge Relief: The lowest earners will now pay no service charge. Mid-tier earners see a cut from 5% to 2%.
One of the more significant updates is also about refund flexibility. Private sector mortgagors — long excluded from mid-mortgage refunds — will now get the same options as their public sector counterparts. That means they can either pocket their NHT refund or apply it to their loan, as long as their mortgage is in good standing.
A Refocus on Mission
The message is clear: the NHT is being re-centered on what it was designed for — helping workers become homeowners.
Holness emphasized that while urban development and mixed-income housing have their place, the real housing crisis remains rooted in affordability. “That’s where the pain is. That’s where the effort must go.”
By placing firm parameters around price and offering greater flexibility in financing, the government is betting that more Jamaicans will be able to not only dream of owning a home — but actually unlock the front door.
