33.
Finance and rents
90.
In June this year Hon. Members approved new financial
linder these the Authority's
arrangements for the Housing Authority.
outstanding debts to Government were converted into a straight Governmont
contribution assessed conservatively at more than $5,000 M. In future,
for the rented housing programme, land will be provided to the
Authority free of premium, and drawings from the Development Loan Fund
for new construction will be repaid over 40 years interest free. On the
other hand, the grants paid by the Government to cover the recurrent
deficits on Group B estates have been withdrawn.
91.
The main object of these arrangements is to enable the
Authority to ezercise greater flexibility over rents particularly in
the new estates. It is the latter that have attracted criticism, most
of it misguided, wish to assure public housing tenants and the public
that the Housing Authority accepts its obligation to provide decent
housing for low income groups at rents they can afford. In the urban
areas this is possible because the Authority has under its control a
large stock of flats of varying sizes, quality and rentals. Through
mutual exchangy and transfer schemes it is now possible for public
housing tenants to move much more freely than before to districts and
flats of their own choice and for the Authority to offer a much wider
range of flats to new tenants.
92.
In the New Towns, where public housing estates consist
almost entirely of new improved types, the Government and the
Authority realise there must be a range of accommodation and rents
that will cater for all low income houscholds above the public
assistance level, without placing excessive burdens on the taxpayer.
Home Ownership Scheme...