Only 25% of Housing Demand being Met

Only 25% of Housing Demand being Met

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Only a quarter of the country’s annual demand for houses is being met.

That’s the word from the Chief Technical Director in the Ministry of Economic Growth and Job Creation, Doreen Prendergast. She was speaking at today’s sitting of Parliament’s Public Administration and Appropriations Committee, PAAC.

The National Housing Trust (NHT) says it’s working with the private sector to close the gap.

Ms. Prendergast told the PAAC that of the 15,000 housing solutions required annually the country is only producing roughly 4,000. That’s just 25 percent of what’s required.

Committee Member, Phillip Paulwell described the situation as a clear housing crisis.

Mrs. Prendergast says all stakeholders have been mobilized to meet the challenge of increasing housing starts.

But that she says, currently, is still not enough.

Committee Members seem shocked to hear there’s a crisis considering the NHT has such large cash reserves.

However, NHT Managing Director, Martin Miller, says the notion that the agency is overflowing with money is ill-informed. He says the problem simply cannot be tackled by the government’s housing agencies alone.

Mr. Miller says the NHT is also aiming to provide 23,000 housing solutions over the next 3 years.

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News Credit: Nation Wide Radio | Read here http://nationwideradiojm.com/only-25-of-housing-demand-being-met/

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