Jamaica Mortgage Bank Helping to Expand Home Ownership

• The Jamaica Mortgage Bank (JMB) is playing a major role in enabling the expansion of homeownership according to Prime Minister, the Most Hon. Andrew Holness. 
• He noted that the entity, which is earmarked for divestment, will be listed on the Jamaica Stock Exchange (JSE), so that “Jamaicans can own a piece of this asset”. With public ownership, the JMB will be able to finance more projects, which will “accelerate the housing development in the country”. 
• Delivering the keynote address at the official opening of the Genesis 28 housing development, financed by the JMB, at 28 Waterloo Road in St. Andrew on July 7, Mr. Holness said that the move will enable the bank to serve a much wider customer base. 
• The Government’s quest to deliver 70,000 affordable housing solutions in five years is still on track, and will be supported by the funds received from the JMB divestment.  
• Some of the solutions will also be financed by the National Housing Trust (NHT). NHT resources are specifically targeted at low- and affordable-income houses, which means that housing for middle income and higher would have to be financed by the private sector. 
• The JMB was established in 1971 with the objective of mobilizing resources for on-lending to private- and public-sector developers and financial institutions in support of the national settlement goal.

(Source: JIS News)