Posted October 06, 2017
The National Housing Trust, NHT, which broke ground two weeks ago for the development of Ruthven Towers in Kingston, confirmed that it is willing to fully finance the apartment units, which are projected to range in price up to $22 million each.
It's the first development for which the state housing agency is known to have overtly pitched 100 per cent backing, beyond the regular mortgage loan cap, but NHT told Financial Gleaner that the facility is now available for any of its schemes.
The housing agency's cap on mortgage loans is currently $5.5 million per contributor or $11 million for dual applicants.
The complex will comprise 238 apartments, spread across four blocks, each rising six floors, on a 5.71-acre property near the New Kingston business hub. The project, to be done in two phases, is scheduled for completion in May 2019.
100 per cent financing
"NHT contributors applying for solutions at Ruthven Towers will be able to access 100 per cent financing based on the new NHT Scheme Policy," the
trust said through its communications department, noting that the policy took effect on July 1, 2017.
"Under this policy, contributors purchasing units in NHT schemes can now benefit from 100 per cent financing. Contributors will be able to access this facility subject to their affordability," the housing agency said.
The Ruthven Towers project has been years in gestation. Back in 2010, the NHT estimated it would have cost $1.9 billion. The new cost is $5.3 billion.
In an update provided to Financial Gleaner, NHT said the proposed selling prices for the units range between $16 million and $22 million.
The development will offer one-, two- and three-bedroom units, and includes a multipurpose court and tennis court, meeting room and jogging trail. The design architects are A.G. Lowe Architects.
Source: Financial Gleaner