A number of individuals who have benefited from the Inner-City Housing Project (ICHP) are reportedly complaining Jamaica’s on-going financial / economic crisis is making it difficult for them to meet their monthly mortgage obligations at the National Housing Trust (NHT).
Data from the NHT shows the following:
- As at December 2008, the ICHP compliance rate was 60%
- The average compliance for the entire 2008 was 65% (this is 12% below the highest month of compliance, which was in April)
- Delinquent mortgagors from the ICHP owe the NHT J$11M as at the end of December 2008
The ICHP was started under the People’s National Party administration in 2004 as an urban renewal program. It was however suspended by Prime Minister Bruce Golding in April 2008. Here’s why he suspended the programme:
- At the time of its suspension, the NHT had already spent J$2B of the $5B which was projected to build 3000 houses, but less than 20% of the houses had actually been built.
- The NHT was calculated as facing an estimated bill of J$15.5M to complete the houses; money that the Jamaican Government just doesn’t have at this time.
Prime Minister Golding later announced plans to relaunch the programme for the benefit of hundreds of Jamaica’s inner-city residents, and pleaded with beneficiaries to make their mortgage payments. But many are said to be struggling because of the general downturn in global economies and Jamaica’s economy. Many are struggling to make ends meet and when it’s a toss-up between buying food and paying a mortgage, it’s obvious which one will actually take priority.
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