LAND AND HOUSING
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built under the Government low-cost housing programme started in 1961. Under this programme Government intends to provide housing for families living in overcrowded conditions who have incomes of less than $400 a month. At the end of 1962 one estate containing 1,285 flats was partly completed and under manage- ment, and three other estates were under construction. The programme is designed to accommodate approximately 20,000 people a year. The low-cost estates will consist of multi-storey blocks of flats each containing a living-room, private balcony and cooking place with a water point. There will be communal toilet facilities. The general standard of accommodation and finish is somewhat inferior to that of the Authority's estates, but is a great improvement on the accommodation and amenities of resettlement estates. Rents, which are fixed by Government, vary from $35 to $45 a month according to size of rooms. Management of these properties is carried out on a non-profit basis, the costs being paid by Government and the rents credited to Government funds.
Housing built by the Authority consists of multi-storey blocks of self-contained flats in large estates with provision for shops, clinics, schools and kindergartens. Playgrounds and other amenities are provided and a high standard of planning and construction is maintained. Rents for the Authority's flats, excluding the first two schemes, range from $48 a month for a four-person flat to $130 a month for a 12-person flat. The Authority is financed by the Government through a revolving fund which now amounts to $180 million. It pays interest on the first $45 million at 3 per cent per annum and at five per cent per annum on the remainder. By the end of 1962 it had spent over $129 million and its rent roll had reached $12 million a year. Sites are provided by Government at one-third the estimated market value, and rents are calculated on the basis of amortization of capital expenditure on buildings and land at five per cent over 40 years. On this basis the Authority is required to balance its budget. Selection of tenants is carried out on the basis of housing need, a points system being operated.
Maintenance and management on the Authority's estates and the Government low-cost housing estates is of a high standard and includes rent collection and supervision by trained housing
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