Ruthven Towers in New Kingston, St. Andrew
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Vencot Wright, Assistant General Manager of Corporate Business Strategy at the NHT, speaking with 'Hotline' host Emily Shields
The National Housing Trust (NHT) has again responded to criticism about the Ruthven Towers apartments in New Kingston, St. Andrew which it unveiled earlier this week.
There have been concerns from some NHT contributors about the affordability of the one and two bedroom units that are now on sale starting from $27.7 million up to $37.7 million.
But Vencot Wright, Assistant General Manager of Corporate Business Strategy at the NHT, says a mortgager would receive up to $15 million from the NHT to purchase one of the apartments.
Speaking on Radio Jamaica's call-in programme Hotline, Mr. Wright explained that this $15 million benefit is only given when mortgagers purchase a unit developed by the NHT.
Additionally, he said that loan amount will carry a mortgage rate of four per cent, which is entity's highest interest rate band.
"These persons would in fact be receiving an interest rate subsidy when you compare it to the market rate," Mr. Wright pointed out. "The NHT is charging four [per cent], the market is charging upwards of seven [per cent]. So they would be paying significantly less."
Where other housing solutions are concerned, the assistant general manager outlined that contributors can receive up to $6.5 million for a single person to purchase from a development not constructed by the NHT, while two people applying together can receive as much as $13 million.
The NHT said Ruthven Towers represents less than one per cent of the housing solutions it is currently constructing across the island at various price points.
It disclosed that the overall cost of the Ruthven Towers project is about $2 billion.
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