The Jamaica Mortgage Bank is concentrating on developing condominiums in the Corporate Area, addressing urban housing needs while also considering rural development to mitigate urban migration. The bank was inaugurated in 1972 with initial capital from local and international sources and aims to provide long-term financing solutions for various housing schemes.
The Jamaica Mortgage Bank is prioritizing urban development in the Corporate Area, focusing on condominiums to meet housing needs. This strategic initiative also incorporates rural development efforts aimed at reducing urban migration and alleviating congestion in metropolitan regions.
On February 9, 1972, the Jamaica Mortgage Bank was inaugurated during a luncheon at the Terra Nova Hotel. As a government-owned financial institution, it was initially capitalized with $15 million, sourced from $5 million in local funds, $8 million borrowed from the U.S., and $2 million from the Commonwealth Development Corporation.
General Manager Mr. M.G. Fray indicated that additional negotiations were underway to secure an extra $31 million for various projects. The bank intends to establish housing schemes catering to different price ranges, specifically homes costing under $7,000 and those priced up to $15,000. Developers are encouraged to propose sites for these schemes and apply for financial assistance.
While the Jamaica Mortgage Bank will primarily promote condominium developments in urban areas, Mr. Fray highlighted the institution’s commitment to addressing the needs of rural communities to help decrease population shifts towards city centers.
Chairman Mr. O.H. Dunn welcomed attendees, stating that the Jamaica Mortgage Bank was prepared to commence operations. He emphasized the bank’s role in providing essential long-term financing and introduced new concepts such as a secondary mortgage market, which might be new to Jamaica.
Mr. Dunn acknowledged the Federal National Mortgage Association for their crucial technical support in establishing the Jamaica Mortgage Bank. He introduced Mr. Arthur H. Welch and Mr. Keller D. Thormahlen, both of whom have contributed to the bank’s development.
Launched in 1972, the Jamaica Mortgage Bank serves as a government-backed financial entity aimed at addressing housing needs in Jamaica. Its establishment reflects the government’s response to urbanization challenges, including housing shortages and infrastructure demands. By prioritizing urban condominium developments while considering rural needs, the bank aims to enhance living conditions and promote balanced demographic distribution across Jamaica.
The Jamaica Mortgage Bank is committed to improving housing availability in Jamaica, particularly within the Corporate Area by emphasizing condominium constructions. This strategy is designed to address urban migration issues while fostering rural development. With significant initial capital and ongoing support from international organizations, the bank is poised to fulfill Jamaica’s housing demands effectively.
Original Source: jamaica-gleaner.com
