Jamaican Minister Calls For Renewable Water Included In Home Purchase Mortgages.

Photo Youtube capture: If you live close to Kingston Bay, you will often have breezes coming off the sea and will not need air-conditioning.
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Jamaica’s Minister of Industry, Investment and Commerce, Sen. Aubyn Hill, is encouraging homeowners and developers to invest in renewable energy solutions. He noted that this would make homes more expensive and earner larger commissions for realtors.

“I really believe renewable water and renewable energy – solar, maybe wind in some places – must be a part of the buildout,” he said, while addressing the recent REMAX Power Brokers Coffee Break Event at The Jamaica Pegasus hotel in New Kingston.

He suggested that financial institutions could “wrap the investments of renewables into mortgages” to make housing more affordable.

“This is something that you (real estate brokers) in this business should lobby for,” he said.

“When you get those two renewables on your property, the value of your property goes up immensely… you make a lot more commission and the financers of houses are willing and happy to carry your property because the quality of their security goes up. It’s a win-win all around,” he pointed out.

While it is not entirely clear what the minister means by renewable water, it is quite common in some parts of the Caribbean for households to channel rainwater on roofs and store it in underground tanks.

Householders and commericial builddings who are close to the ocean may also have desalination plants that can remove salt and make seawater drinkable.

Minister Hill said the Government continues to put measures in place to make housing more affordable and accessible through the National Housing Trust (NHT).

He noted, for example, that three persons with demonstrable family ties (spousal, parental, sibling) can get together to access a loan of up to $21 million. (Editor’s note–This would be equivalent to about US $135,386.)

In July 2023, the loan limit through the NHT for single applicants increased by 15 per cent from $6.5 million to $7.5 million and single contributors purchasing houses priced at $12 million may access up to $8.5 million in loans towards mortgages.

Senator Hill commended REMAX for staging the Powerbrokers Coffee Break event, noting that it allowed for productive dialogue and collaboration to take place between the government and the private real estate sector.

“By harnessing the collective expertise, creativity, and investment of all stakeholders, we can capitalise on opportunities and chart a course towards a brighter future for Jamaica and Jamaica’s real estate industry – your industry. Invest heavily, grow well, and become extremely profitable.”

Source: Jamaica GIS.
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