The Government has granted the National Housing Trust (NHT) tax free status in respect of General Consumption Tax (GCT), stamp duty, property tax and transfer tax for the next two years, as means of providing affordable housing for low income workers, particularly persons who earn less than $10,000 per week.
This was announced Tuesday June 5, by Prime Minister, the Most Hon. Portia Simpson Miller, during her presentation in the 2012/13 Budget Debate in the House of Representatives, under the theme: ‘A Mission with a Vision’.
“The NHT will pass on this benefit, thereby enabling more affordable housing for that category of beneficiaries,” Mrs. Simpson Miller said, adding that approximately 55 per cent of NHT contributors earn less than $10,000 per week.
The Prime Minister further informed that the NHT Home Grant allocation for the last two quarters ending December 2011 and March 2012 totalled $336 million and benefitted 280 qualified applicants who earn $10,000 per week or less.
“Commencing this month, these grants to the tune of $1.2 million for each qualified applicant will be allocated daily on a first come basis to qualified walk-in contributors. This is not a one-time arrangement. It is a policy that will remain in place for the foreseeable future. Ten per cent of the total home grant will be reserved for qualified applicants with disabilities,” Mrs Simpson Miller explained.