The Jamaica Mortgage Bank has placed emphasis on Corporate Area development, prioritizing the construction of condominiums over bungalows to maximize housing solutions in urban spaces. The initiative aims to address housing demands while also considering rural development to help reduce urban migration and ease congestion in city areas.

Published Thursday, February 10, 1972

Jamaica Mortgage Bank inaugurated

Another Jamaican financial institution, the Jamaica Mortgage Bank, was inaugurated yesterday at a luncheon at Terra Nova Hotel.

A wholly government-owned institution, the new bank will initially be capitalized at $15 million, according to the Bank’s General Manager, Mr. M.G. Fray. This comprises roughly $5 million of its own funds, $8 million borrowed from the United States, while another $2 million is to be borrowed from the Commonwealth Development Corporation.

Mr. Fray said that other negotiations were being carried out to obtain a further $31 million.

He stated that this money would be used in diverse programs and sectors and that the bank looked forward to developing a program to satisfy Jamaica’s needs. The bank executive said proposals would be welcome for two housing schemes, one involving houses below $7,000 and another up to $15,000 in cost.

Mr. Fray called upon developers to conduct studies on where they would like to establish schemes and to apply to the Jamaica Mortgage Bank for assistance.

Condominiums
He pointed out that the bank’s emphasis in the Corporate Area would be on condominiums rather than bungalows, but stated that there would also be concern for rural areas to help stem the drift to the towns.

Welcoming those present, the Chairman of the Jamaica Mortgage Bank, Mr. O.H. Dunn, said that the institution was “ready to start.” In this connection, it would be providing badly needed long-term financing along with some new concepts – such as the secondary mortgage market – which might be unfamiliar in Jamaica.

Mr. Dunn paid special tribute to the Federal National Mortgage Association for its technical assistance in getting the Jamaica Mortgage Bank organized and in operation.
He introduced two of the Association’s officers who have been in Jamaica periodically for this purpose. They were Mr. Arthur H. Welch and Mr. Keller D. Thormahlen.

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