There has been a reduction in spending by the National Housing Trust (NHT) on mortgage and construction activities.
According to the entity's 2014/2015 annual report tabled on Tuesday in the House of Representatives, it spent J$20.8 billion to provide mortgages and build houses during the year.
That was a near six per cent decline from the $22.1 billion dollars spent in the previous year.
When compared to the $23.4 billion collected in total contributions during the year, the Trust spent the equivalent of 89 per cent of contributions collected on housing.
The annual report says the NHT has been revising its planned housing projects since the previous year with a view to delivering more affordable units to the market, particularly for low-income contributors. In the previous year, mortgages accounted for 84 percent of housing expenditure.
However, with the downturn in the housing sector this translated to $17.8 billion dollars during the 2014/2015 financial year which is a decline from $19.9 billion dollars in the previous year.
Reduction of activities
The NHT has reduced activities in the Inner City Housing Project, following complaints that several beneficiaries were not meeting their obligations.
The NHT says during the year it reduced its operating expenses by $139 million or 2.7 per cent.
It reversed the $276 million losses on projects to record a $10 million gain, and subsidies and grants declined by $84 million due to reduced activities in the Inner City Housing Project.
Total outflows for the year amounted to $5.6 billion an eight per cent decline from the $6.1 billion recorded in the prior year.
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