March 18, 2009 - JAMAICA MORTGAGE BANK HOUSING DEVELOPMENT SEMINAR 3

 “It is not business as usual,” said Hon. Robert Montague, “it is business unusual”.  The Minister of State, Office of the Prime Minister, Department of Local Government, was giving the keynote address at Jamaica Mortgage Bank’s third Housing Development Seminar, held on March 18, 2009 at the Terra Nova Hotel.  His presentation entitled, ‘The 90-day approval Process’, outlined the steps being taken by the government to create a culture of efficiency, excellence and facilitation.    The Minister also noted that there had been a considerable decrease in the backlog of applications for building permits.  “In Portmore, for example in March 2008, there were 120 applications awaiting approval and as at February 2009, that number had been reduced to 10, a 92% reduction.”

In welcoming the large turnout of industry professionals, JMB Chairman, George Thomas, noted that the seminar was being held to furnish the participants with vital information to assist in the success of their projects. This is part of the Bank’s function to provide financial, technical and administrative advice to persons engaged in building developments in Jamaica.

General Manager, Patrick Thelwell, in his presentation, provided information on JMB’s recently secured tax-free status on Shelter Bonds.  He also updated participants on the Bank’s concessionary interest rate offer of 20% to Developers constructing housing units below $15 million.  “This offer was designed to meet the demand for housing within this segment of the market,” he said.

The seminar themed, “The Housing Development Process - From Concept to Completion”, provided information on new methods and approaches being explored by the various industry agencies, as well as marketing information and project management skills required to guarantee success.   Presentations from industry professionals included topics relating to water and sewage disposal, environmental development consideration, project financing, titling, surveying, real estate board requirements and the marketing of housing developments.