NHT Launches Special Home Improvement Loan for Hurricane Beryl Victims as Trust Expands Repair Financing

Kingston, Jamaica — 15 July 2024

The National Housing Trust has opened applications for a Special Home Improvement Loan for contributors whose homes sustained damage during Hurricane Beryl’s passage through Jamaica on 3 July 2024, with funding of up to $1.5 million available per applicant to cover repair and restoration costs. The loan is the NHT’s standard mechanism for responding to weather events: when a hurricane damages housing stock, the Trust activates a special product to channel repair financing to affected contributors faster than the standard home improvement loan process would allow.

Hurricane Beryl made landfall in the Eastern Caribbean and grazed Jamaica’s southern coast in early July, causing significant wind and flood damage to residential properties across multiple parishes. Portmore, the south coast communities of St. Catherine, and parts of St. Thomas and St. Elizabeth were among the most affected areas. For households that own their homes — whether through the NHT, through the market, or through self-build — the priority in the aftermath of a storm is assessing and funding repairs before the structure deteriorates further.

The NHT’s Repair Loan Suite

Beyond the special storm-response product, the NHT’s standard improve loan products cover a range of home repair and improvement needs that are unrelated to storm damage. The Home Improvement Loan is available to homeowners making additions to their house — extensions, fencing, alterations — or making quality improvements to existing structures. The Build on Own Land loan supports contributors who own a serviced lot and want to construct a new dwelling. The Construction Funds Loan provides staged disbursements to contributors building their own homes across multiple phases.

These products collectively serve a segment of the housing need that is distinct from the purchase of new developments. Not every Jamaican who needs a better housing situation needs to move. A homeowner with a structurally sound house that needs a new roof, proper plumbing, or a concrete floor replacing can improve their housing quality significantly at a fraction of the cost of moving. The NHT’s repair and improvement products make that option accessible with subsidised-rate financing.

The Microfinance Complement

The NHT’s microfinance loan product — raised to a ceiling of $1.95 million in December 2023 — fills the space between the standard home improvement loan and the full mortgage product. Contributors who need smaller sums for targeted repairs, additions, or fencing can access the microfinance product without the full documentation and qualification requirements of the standard loan suite. The raised ceiling means more repair work can be funded through this faster-access product.

“The NHT’s storm response loan is a good example of the institution being a genuine partner to homeowners in difficulty,” said Dean Jones, Managing Director of Jamaica Homes. “After a hurricane, the last thing an affected homeowner needs is a slow, complex application process for repair funding. Activating a special product with a clear eligibility path and a defined ceiling gives people certainty about what they can access and how quickly. The microfinance ceiling increase from the previous year also means more contributors can self-fund moderate repairs without waiting for a full loan approval.”

Who Is Eligible

The Special Home Improvement Loan is available to NHT contributors and mortgagors who can demonstrate that their home sustained damage during Hurricane Beryl. The Trust requires documentation of the damage and proof of ownership or occupancy in the affected property. Applications can be made at any NHT branch island-wide, and the NHT has indicated the process is being expedited given the storm-response context.

Homeowners who are not NHT contributors but who sustained storm damage should explore the HAJ’s indigent housing repair programme and the government’s disaster relief mechanisms, which operate through the relevant parish councils and the Office of Disaster Preparedness and Emergency Management.