10,000 homes for young persons under 35, says JLP in manifesto
The Jamaica Labour Party (JLP) has committed to allocating 10,000 affordable homes for purchase by young persons between the ages of 18 and 35 years old, if it should cement victory in the September 3 elections.
The JLP Government will also provide young persons with "100 per cent financing for those seeking to purchase these homes", according to the party's manifesto dubbed 'Stronger Future'.
Under its land and housing initiatives, the JLP asserted that more Jamaicans "must have access to land, housing and shelter" in a stronger Jamaica.
The party is hoping to achieve 70,000 affordable home housing starts, if it receives a next term at the helm of government. Thirty per cent of the homes will be reserved for policemen, nurses, teachers and other civil servants, while 10,000 homes will go to young persons under the age of 35 years, the party said.
Meanwhile, the Andrew Holness-led JLP is proposing that the National Housing Trust (NHT) will invest a minimum of $1 billion in social housing to include construction and repairs each year.
As it relates to land, the JLP claimed it "will issue over 30,000 land titles to Jamaicans who have legitimate claims to land that they have occupied, cultivated and used for generations."
In contrast, the Opposition People’s National Party (PNP) is promising to provide Jamaicans with an opportunity to acquire a home in a Rent-To-Own programme.
According to the PNP’s manifesto, which was released online last Thursday, the Rent-To-Own programme is to be part of the construction of 130,000 housing units across the island by the National Housing Trust (NHT).
In the Rent-To-Own programme, an individual will rent the unit with a percentage of the rental amount going towards a set down payment on the purchasing of the unit. When the down payment target is achieved, the rental amount will become a mortgage.
The manifesto said the plan is to expand homeownership across the country, as well as to grow the construction industry.
In another initiative relating to housing, the PNP is touting to make it possible for potential first-time homeowners to be able to apply for 50 per cent of a year’s income tax to go towards the purchase of a home.
The PNP is also proposing a specially designed mortgage to be facilitated by the NHT, which will make it easier for single-income individuals to own homes.
According to the manifesto, the PNP will increase access to NHT benefits by reducing the threshold requirements to access NHT loans.