THE HOUSING Sector Joint Venture Programme, introduced by the Ministry of Water and Housing, some eight years ago, has to date facilitated over 3,700 housing solutions at a cost of $43b, according to Permanent Secretary,Genefa Hibbert.
Keynote speaker at the recent Groundbreaking Ceremony for the Cambridge Meadows housing development in St. James, Mrs. Hibbert said that projects currently under construction, will provide an additional 4,666 housing solutions, valued at $6.9b, to be achieved before the end of the current financial year. An additional 17 projects are being negotiated for joint ventures in the immediate future, she added.
Commenting further, Mrs. Hibbert said that the Joint Venture Programme, is a bold initiative that seeks to combat challenges facing the housing sector, by mobilising and merging public and private resources. These partnerships have been forged, since the mid nineteen nineties, to facilitate the delivery of shelter in a manner that has improved the levels of efficiency, quality and ultimately affordability of housing solutions, for Jamaicans.
Mrs. Hibbert explained that of 20 joint ventures currently under construction, St. James has benefited from two such developments, Cambridge Meadows and Norwood, which together will realise some 410 solutions, valued at $365.7m.
Cambridge Meadows is a joint venture agreement executed between the Ministry of Water & Housing and W.A.W. Developers Limited, in May 2001. Funding to implement the housing scheme, is being provided by The Jamaica Mortgage Bank.
Cambridge Meadows is scheduled for completion in April 2004 and is being built at an estimated cost of $222m, of which the Jamaica Mortgage Bank is providing a loan of $105m. During the construction period, some 50 persons from the immediate environs, should benefit from employment.
On completion, the 18-acre development, will house 109 two bedroom houses, each 660 sq.ft. on approximately 4,000 sq. ft. of land, at a price of some $2m, as well as commercial lots, a community centre and a playfield. Cambridge Meadows is expected to enhance the surrounding community.
Also addressing the gathering, Peter Thomas, Chairman of Jamaica Mortgage Bank, said the JMB was constantly ensuring that it remained relevant to the growing demand for housing solutions in Jamaica. To this end, he said that the JMB, which has played a lead role in providing interim and long term financing for housing in Jamaica, shifted its focus in the 1980s to concentrate on the provision of affordable homes at competitive prices. Among these programmes he mentioned the Start Your Own Home Programme, under which one and two bedroom houses were built and sold by the Ministry of Construction and Housing.
Mr. Thomas said that since the dawn of the twenty first century, the JMB has been pursuing programmes which will assist in financing environmentally friendly housing projects, throughout Jamaica.
Barbara Woolery, Chief Executive Officer of WAW Developers, said her company welcomed the Housing Sector Joint Venture Programme which facilitated the commencement of Cambridge Meadows. She said that the housing development is an exciting one which will bring much needed shelter and increased activity to the community.
Derrick Kellier, MP was also in attendance and brought greetings to the gathering.