Nht has Cash to Back New Benefits

Summary

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AFTER TWO years of running operating deficits, the National Housing Trust (NHT) reported a $1.8 billion profit for its financial year to March 31 and, according to the agency's chief executive officer, [Earl Samuels], it is highly unlikely that a raft of new initiatives to improve access to NHT mortgages will weaken the trust's balance sheet.

The agency is keen to prevent what was claimed by the then Opposition to be a threat of insolvency three years ago. At that time the NHT returned an operating deficit of over a half-billion dollars. This was related, in part, to a one-off $5 billion 'contribution' it was obliged by the former People's National Party (PNPMed government to make in the 2005/2006 education budget. The NHT also spent several billion dollars on an inner city housing project, aimed at delivering quality homes to many people who had not subscribed to the trust and whose purchases would have to be highly subsidised.

"Those subsidies, plus the significant reduction in the interest rates, had caused the NHT to be operating at a loss," Samuels told The Weekly Gleaner.

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Extract

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Nht has Cash to Back New Benefits

AFTER TWO years of running operating deficits, the National Housing Trust (NHT) reported a $1.8 billion profit for its financial year to March 31 and, according to the agency's chief e...

See the full content of this document

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