CONFIDENTIAL
HOUSING BRANCH PROGRESS REPORT 1st August, 1978 to 31st October, 1978
PART
Subject
Home Owner ship Schemo.
Home Ownership Scheme
Mort age
Tangements.
Furpose
To enable families of lover-middle income to own flats.
To encourage Housing Authority estate tenants to purchase ilats so that their rented accommodation can be allocated to needy families.
To arrange special mort: se facilities or fmilies which Generally cannot afford open market mortgage terus.
Progress Made and Present Position
Vetting interviews for applicants who were successful in the first ballot for the Phase I flats were completed. About 2,000 cases were either withdrawn or cancelled because they did not comply with the eligibility rules. A second ballot was held on 4th October, 1978 to produce sufficient numbers for the remaining flats.
Of the six estates in Phase I, the flats in Chun Man Court were all sold in August and those in Iuet Lai were all sold by early October. Up to the end of this quarter,6,000 flats
(72%) have been sold.
A realistic assessment of mortgage
finance requirements for
flat purchasers from 1979/1980 to 19831984is being worked out.
Next Quarter Target
Vetting interviews to be completed.
Presale of all flats (8,373) in Phase I to be completed.
Preparations to be. made to invite applications for Phase II flats in early 1979.
CONFIDENTIAL
To review eligibi criteria prior to calling for applications for Phase II flats.
To discuss the re quirements with S.M.A. and to decide action.
to be taken to meet
the shortfall of funds.
GF 323