The National Housing Trust (NHT) has partnered with credit unions to set up a Housing Microfinance Loan Programme for contributors earning $30,000 weekly or less.
These contributors will be able to access credit of up to $1.5 million, to help meet their respective housing needs.
The first agreement under the partnership was signed on Friday June 30, with the Community and Workers of Jamaica Cooperative Credit Union (C&WJ).
Agreements with other credit unions are to follow.
Under the partnership, funds will be made available for on-lending to current and new contributors to repair or improve their existing homes or build their own homes.
Contributors will be able to borrow a maximum of $850,000 at any one point, and up to $1.5 million.
With interest rates of six per cent for secured loans and nine per cent for unsecured loans, the programme represents the most competitive microfinance rates on the market.