Status: Full Compliance
Last Assessed: October 2, 2019
Year Reported: 2015
Year Resolved: 2016
Recommendation
- In keeping with its responsibility under Section 6 of the Public Bodies Management and Accountability (PBMA) Act, the Board should take the necessary steps to enhance its due diligence process undertaken prior to investments and acquisition of land so as to maximise return on investment and ensure that all properties acquired are suitable for housing development. This due diligence should include an appraisal of all investment opportunities to determine, at a minimum, the cash flow impact and the expected rate of return on the investment.
- The Board should also ensure that there is a robust records management system to provide evidence of the due diligence undertaken.
- NHT’s Board should instruct management to develop an action plan for all properties that deemed unsuitable for affordable housing development.
JAMP Update
- The then Prime Minister, Portia Simpspon-Miller in response to public demand (including a protest by the Emancipation Statue), changed the members of the Board who had not already resigned and retained four of the existing members.
- The new board has established a Properties Evaluation sub-committee of the Board and issued instructions to fully examine options for the sale, lease or any viable alternative. Based on the recommendations of the sub-committee, the Board decided to divest the property. Since 2015, the Trust has spent $40.6M on salaries and allowances, $29.3M on security and invested $2.781M on advertisement costs since 2015. The property still remains in the possession and upkeep of the Trust without a buyer.
Rest of details can be found below in link “See ATI Response”
- Total spent up to August 31, 2019 on the Outameni property = $290.2Million
- The NHT has received approval from the Ministry of Finance for the terms of engagement/payment for the staff now responsible for maintaining property and ensure value for eventual sale.
NOTE: Though the NHT is not yet successful in selling the property, it has been making all reasonable effort to do so. As it is the market that determines the offer and sale, JAMP considers the NHT to be in compliance for having done all that was required of the new Board.
ATI Responses
Auditor General Reports
Newspaper Articles
Videos
Permanent
Secretary
Audrey Sewell CD, JP
Office of the Prime Minister,
1 Devon Road,
Kingston 10,
Jamaica
876-926-1590
Board Chairman
National Housing Trust (NHT)
Lennox Channer
4 Park Blvd, Kingston 5, Jamaica
876-929-6500
Managing Director
National Housing Trust (NHT)
Martin Miller
4 Park Blvd, Kingston 5, Jamaica
876-929-6500
No Calls To
Action are
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with
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breach.