Financial Implications and Staffing
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17
There are three sources of funds:
(a) For the construction of domestic flats, funds are provided by Government to the Housing Authority by way of the Home Ownership Fund. Proceeds from the sale of flats will be credited to the same fund.
(b) Shops and car parks will remain in the Housing
Authority's ownership and responsibility, and are
funded from specific borrowings from the Development Loan Fund on commercial terms.
(c) Community facilities are financed by Government from
General Revenue via the Public Works Programme.
Additional staff have been provided in the Construction, Estate Management and Administration Branches of the Housing Department, and the Conveyancing Unit of the Registrar General's Department. An additional post has also been temporarily provided in the Housing Branch of the Government Secretariat which is responsible for policies and general coordination of the Scheme.
Publicity
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The Home Ownership Scheme has been generally welcomed, especially by those who cannot afford to buy flats in the private sector and who are ineligible for rented public housing. It is recognised as a social measure to improve living conditions for lower middle income families who have not benefitted from the Government's housing pro- gramme. Some private developers have shown some concern but reputable developers appear to accept that there is room for a public sector contribution for the production of flats for sale and are undeterred in their own development plans.
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It is considered that potential flat purchasers and members of the public will generally welcome the proposals in this bill as being necessary to enable the Authority to carry out the social purpose for which Government introduced the Home Ownership Scheme.
Advice Sought
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Honourable Members will be asked to advise whether the Housing (Amendment) (No 2) Bill 1978 should be introduced into the Legislative Council.
CONFIDENTIAL