Parliament Approves NHT Drawdown Extension Despite Strong Opposition

The Government is pushing through an amendment to the National Housing Trust (NHT) Act in Parliament, allowing another five years of drawdowns to supplement crucial gaps in the nation’s post-Melissa budget.

The bill was passed with 31 votes for the shift and 15 against. It now heads to the senate for approval.

Prime Minister Andrew Holness said, “The administration is not taking the funds from the NHT for reasons that are not solid… We must preserve the fiscal integrity of the Government’s operations. And this fiscal integrity is something that benefits every Jamaican… If the 11.4 billion dollars didn't come from the NHT, it would have to come from somewhere else – likely more taxes.”

Finance Minister Fayval Williams piloted the Bill to see the amendment on Tuesday. She said, “Based on the NHT’s expected expenditure plans, strong revenue base and robust asset position – the NHT will be able to sustain the annual $11.4 billion transfers to the Government over the medium term while maintaining adequate cash surpluses.”

Williams said having regard to this, and the need for recovery spending due to the impact of Hurricane Melissa, the Government has decided to maintain the financing of the sum from the NHT as one of the revenue measures to support the Government’s budget for the fiscal year 2026/27.

Her arguments were, however, struck down by members on the opposition benches, including its leader Mark Golding, who noted the housing challenges and the lack of support for the continued re-routing of funds, compounded by what he said was a lack of consultations. 

“They have tabled this bill, extending this arrangement for 5 more years. In the meantime, the NHT is outsourcing much of its lending to the private sector now. It has to pay a subsidy to the private sector for the interest rate on those mortgages, which is a cost to the NHT. And the shelter crisis of Jamaicans continues in a very real sense, and is not being met by the housing policy of this Government.”

He said, Opposition will not support the bill. 

Responding to the Opposition, Minister without Portfolio in the Ministry of Economic Growth and Job Creation Matthew Samuda said, “There is no economist or finance professional that has said this has impacted mortgages.”