Mrs. H. H. WONG, Housing Assistant-Senior Housing Assistant. Mr. Frederick CHENG, Housing Assistant-Senior Housing Assistant. Mr. YEUNG Kwing-chiu, Housing Assistant-Senior Housing Assistant.
Appointments
Mr. Daniel SUM, Executive Officer, Class II-Assistant Secretary,
Housing Authority.
Miss Tilly Lo, M.S.H.M.-Assistant Housing Manager.
55. In addition 12 Housing Assistants, 3 Architectural Draughtsmen, and a number of clerical and junior staff were appointed.
FINANCES
56. Estates built by the Authority are financed with loans from Government, to be amortised over forty years, from the Colony's Development Loan Fund.
57. Loans were originally granted for each estate as its construction was approved in principle and the first three loans ($1m., $33m. and $7.5m. for initial administration costs, the North Point and the Sai Wan Estate schemes respectively) were at 31% interest per annum. The interest rate was increased to 5% in October, 1955, when a loan of $50 million was authorized for the So Uk Estate scheme.
58. In 1958 all outstanding loans were consolidated and converted into a revolving fund of $91.5 million, with interest at 31% p.a. on the first $45 million and 5% thereafter. Capital does not have to be repaid for an indefinite period and the repayment element is therefore available for further development. The creation of this fund simplified matters and gave the Authority greater freedom of action.
59. In 1959, the fund was increased by $47.5 million, to a total of $139 million, to permit financing of the Choi Hung Estate scheme, the balance of the estimated capital cost of $52.5 million to be met by the Authority.
60. In June, 1960, the fund was again increased by a further $17 million, to a total of $156 million, to allow the Ma Tau Wai Estate scheme to be financed. At the same time, Government informed the Authority that this would be the last increase under the present terms for loans, as the Colony's financial position was such that Government could not contemplate lending additional money for housing on those terms, and if further money could be made available, it would have to be at market rates of interest.
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