Jamaica Mortage Bank

NAME OF FEATURE | THE GLEANER | SUNDAY, JUNE 6, 2021 2 JAMAICA MORTGAGE BANK 50TH ANNIVERSARY HUMANS HAVE an evolutionary need for stability, community and neighbourhood, all of which own- ing a home can provide. For dec- ades, homeownership has been regarded as a major achievement and a significant milestone in the life of an individual. People derive much pride and joy from the home-buying process – from searching to saving and eventual home acquisition. The Jamaica Mortgage Bank (JMB) has been mandated to mobilise fi- nancial resources for on-lending to private- and public-sector de- velopers and financial institutions to boost housing construction and make homeownership a reality for many individuals. For the past 50 years, the bank has been realising its vision – ‘To finance safe and affordable hous- ing so that all Jamaicans will have access to homeownership’. It has done so by financingmore than 100 residential and commercial projects across Jamaica, and has remained stable and profitable even in this COVID-19 pandemic environment. While some countries experience economic downturns, the construc- tion sector, which is a critical part of Jamaica’s national economic recov- ery, through the support of the JMB, has remained resilient. Jamaica, therefore, is on a steady path to achieving the national set- tlement goal within Vision 2030, with the support of the mortgage bank, particularly through its pro- vision of primary and secondary mortgages, coupled withmortgage indemnity insurance. I commend the bank on its many successes over the years, and es- pecially for its strong role in na- tional development by helping to sustain the construction sector, increase Jamaica’s housing stock, and contribute to the country’s economy. Congratulations on a job well done. THE MOST HON SIR PATRICK ALLEN ON, GCMG, CD, KStJ Governor General 67521* 52/( ,1 1$7,21$/ '(9(/230(17 THE JAMAICA Mortgage Bank (JMB) has been a driving force in the housing sector as a pioneer financier for wide-scale development of hous- ing solutions for thousands of Jamaicans. During its 50 years, the JMB has funded more than 100 housing projects, resulting in more than 16,000 diverse solutions across Jamaica. The JMB con- tinues to strategically implement its mandate and execute policy. Therefore, it gives me great pleasure to congratulate the JMB in celebrating its 50th anniversary. Indeed, the JMB has developed communities across the country: in Greenwich Estates in St Ann; Cambridge Meadows in St James; Magil Palms and Wedgewood Gardens in St Catherine; Braeton, Marine Park, West Cumberland, and Passage Fort in Portmore, St Catherine; and Cooreville Gardens and Long Mountain in St Andrew. In essence, the impact on the country’s infrastructure has improved the lives of Jamaicans. My administration is committed to doing our part in rapidly increasing the availability of affordable housing solutions in planned, structured areas with the mortgage bank as a crucial partner in the pro- vision of private debt funding for the construction of low- and middle-income housing solutions and commercial developments. Additionally, the Government of Jamaica remains confident in the JMB’s ability to continuously improve the country’s housing sector. In that regard, I com- mend the JMB for the remarkable work it has done in developing an active secondary mortgage mar- ket and administering the Mortgage Indemnity Insurance Product on behalf of the Government of Jamaica. Indeed, the staff and other stakeholders have also executed the activities of the bank. Commendations to the board and management of the JMB for the strategic leadership in achieving its mission to be a profitable organisation, mo- bilising financial resources for on-lending to pri- vate- and public-sector developers and financial institutions. As Jamaica and the rest of the world face COVID- 19, companies and organisations must transform how they do business tomaintain economic stability and drive growth. The JMB has positioned itself for sustainable growth by financing safe and affordable housing to enable more Jamaicans access to their own home. As the JMB celebrates its golden jubilee, I urge all stakeholders to continue working to uphold the principles of accountability, respect, integrity, being service-oriented, and excellence as you prepare to grasp opportunities that will come as the housing sector diversifies. THE MOST HON ANDREW HOLNESS, ON, MP Prime Minister '5,9,1* )25&( ,1 7+( +286,1* 6(&725 As the JMB celebrates its golden jubilee, I urge all stakeholders to continue working to uphold the principles of accountability, respect, integrity, being service- oriented, and excellence as you prepare to grasp opportunities that will come as the housing sector diversifies.

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