Jamaica: NHT establishes $500 million loan fund for emergency repairs

The National Housing Trust (NHT), under a joint-venture arrangement with the building societies, has established a special $500 million programme to provide loans to persons affected by Hurricane Dean, to undertake emergency repairs.

Prime Minister, Portia Simpson Miller, who made this announcement during a broadcast to the nation on (Aug. 22), said that the interest rate on the loans will be six per cent per annum.

Additionally, she noted the NHT will also provide a three-month moratorium on mortgage payments, from September 1 to November 30. The NHT is also making $200 million available to the Hurricane Relief Fund.

In the meantime, Mrs. Simpson Miller noted that a large number of persons lost roofs during the passage of Hurricane Dean and the government will be providing tarpaulins to households affected by the hurricane.

She indicated that the Office of Disaster Preparedness and Emergency Management (ODPEM) has already started the distribution process.

"Owing to the level of need, however, the government has made arrangements to bring into Jamaica an additional 10,000 tarpaulins and these should be ready for distribution within two days," she informed.