Estimates by the Housing Department of the amount of funds likely to be required for mortgages taken out by the purchasers of flats in the scheme show that the amount committed by the participating banks and deposit-taking companies falls nearly $1,010.5 million short of the requirement over the period to 1982. This is calculated on the average selling price of the flats in Phase I of the Scheme and on the average level of downpayments (23%) made by purchasers of Phase I. (To the extent that selling prices of the flats in Phases II and III are higher than flats in Phase I (reflecting higher land and construction costs), or that average downpayments in Phases II and III are likely to be lower than 23% of selling price (reflecting reduced capital resources available to purchasers), the estimated shortfall is likely to be larger.)