Housing Loans
PART III – EXPLANATORY NOTES ON APPENDICES I AND II
APPENDIX I DEVELOPMENT LOAN FUND
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The Housing Authority's revolving fund allocation was increased during 1960/61 by $17 millions to enable that body to plan the development of a further estate at Ma Tau Chung which will cost a total of $17.2 millions. This estate will provide 2,070 flats to accommodate 12,300 persons.
During 1960/61 five additional amounts totalling $31 millions were allocated to the Hong Kong Housing Society for the development of new schemes. These new allocations are: $2 millions for an extension to the Kai Tak Scheme, providing improved "resettlement" type accommodation; $9 millions for the Healthy Village Scheme extension which will provide 900 flats; two additional schemes at Tsuen Wan costing $5 millions and $7.5 millions respectively; and $7.5 millions for an extension to the Kwun Tong Scheme. In planning these extensions the Housing Society has indicated that its total drawing from the Development Loan Fund would not exceed $10 millions a year.
The Local Government Officers co-operative schemes are progressing well and a further $25 millions were allocated for this project during 1960/61. 68 schemes comprising 1,930 flats should be completed by March 1961. Another 36 projects comprising 600 flats should be completed during 1961/62. Loans for schemes for which sites were ear-marked after 12th August, 1960 will bear interest at 5% per annum.
The loan of $10 millions to the Hong Kong Settlers Corporation will enable the Corporation to build 1,730 flats to rehouse its tenants who were previously living in cottage areas which have had to be cleared for development, and to provide low cost housing generally.
Educational Loans
These loans are granted to incorporated non-profit making bodies for the construction of schools. The loan plus any Government subsidy must not exceed 80% of the total cost of a school project. These loans may either be interest-free and repayable over 10 or 11 years, or bear interest at 34% and repay- able over 21 years.
Reclamations
Reclamation work on the Kwun Tong Reclamation Stages I & II was completed by September 1960. The provision of $18,400 required for 1961/62 is for advertisements of land sales in this area.
Fisheries Loans
These loans are intended for owners of suitable mid and distant waters fishing junks for the purpose of mechanization or improvement, or for the purchase and installation of navigational and fishing aids.
APPENDIX II - PUBLIC WORKS PROGRAMME
The Appendix to the Report of the Public Works Subcommittee of Finance Committee is re-
produced with the addition of the following items subsequently approved:-
Buildings
Category A(ii): Improvements to and Construction of Typhoon Signal Stations.
Category B(i):
Low Cost Housing Estates at:
(a) Shek Kip Mei
(b) Valley Road.
Premises for Security Printing Section.
Technical College, Library and Reading Room (upgraded from Category C).
Category D Kowloon Hospital: Conversion of Sisters' Quarters into Wards.
Kowloon District Medical Store, reprovisioning.
Kowloon Postal Sorting Office, extension.
Alterations to Office Accommodation for Immigration Department.
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