The National Housing Trust was created in 1979 by the Michael Manley led Government in order to make home owning easier for its contributors. The 2016 CaPRI report finds that while the NHT is fulfilling its mandate, there is a perversion of the distribution of benefits which currently acts as a subsidization of higher income households by lower income households.
While most of the contributors are from the poorest groups in society, the richest households receive most of the benefits.Damien King, CaPRI Co-Executive Director
There are also some staggering figures to put into perspective just how massive the NHT is, and why it is so important that it’s function in the housing market is adjusted. You can read the report HERE, or scan through our highlights below.
1. The NHT is sitting on a $200 billion reserve fund, enough to purchase one-fifth of the land in Kingston or RJR, Carib Cement, GraceKennedy, Seprod, Lasco and Courts… At the same time.
2. If it continues on it’s current trajectory, the NHT will accumulate another $100 billion within the next 10 years.
4. $79 billion of the NHT reserves are ‘refundable’ and can be claimed back by employee contributors. In 2015, only $1 billion was refunded to contributors. Are you missing out?
5. The NHT can afford to build 40,000 low income houses and give to the poor free of cost. Someone's sleeping...
6. 60% of contributions are made by the lowest income groups, while ¾ of them do not gain any benefit. But why?
7. The NHT acts as a 5% tax on the national payroll, but can perform all of it’s current functions on less than a 2% tax.
Persons who have been contributing for over 7 years and haven’t received a benefit are entitled to their refund which can be applied for on the National Housing Trust website.
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