Housing | 227
My Home Purchase Plan
The Government, in collaboration with the HKHS, introduced a scheme, the 'My Home Purchase Plan (MHPP)' in 2010 to help aspiring homeowners, who can pay the mortgage but not the down payment to achieve home ownership. The MHPP was enhanced in October 2011 to enable eligible households to rent a MHPP flat before buying it at a 'ceiling price' or at the then prevailing market price, depending on which is lower. They may also purchase a MHPP flat at the outset at the then prevailing market price.
Some 5 000 MHPP flats will be provided under the MHPP. The first of about 1 000 flats will be completed in 2014 in Tsing Yi with pre-letting in late 2012. The second will be built in Shatin.
Housing for People with Special Needs
The Chief Executive pledged in his Policy Address that the family shall be promoted as a core social value and that the elderly shall be given special care. This edict is reflected in the HKHA's allocation and management of public rental housing.
For a single elderly person, he or she can apply for public rental housing under the Single Elderly Persons Priority Scheme. Unrelated elderly persons who wish to share a flat may do so under an Elderly Persons Priority Scheme. The average waiting time for public rental housing for single elderly applicants was about 1.2 years as at September 2011.
The 'Harmonious Families Priority Scheme', introduced in 2009, continues to encourage families to live with, and to take care of, their elderly relatives in public rental housing estates.
Completion of Housing Units
Some 27 000 residential units were completed in 2010-11, of which about 12 000 were private housing flats (excluding village houses) and around 15 000 public housing flats.
Supporting Infrastructure
The infrastructure for supporting housing development is provided in programmed and structured manner. To avoid delays in housing development caused by a lack of infrastructural facilities, the Government has adopted a fast-track approach to address possible problems. At present, there are nine such projects in different stages of implementation. Their estimated combined cost of about $5.5 billion has been approved.
Private Sector Housing
Private Residential Property Market
The Government monitors closely the private residential property market's development and remains alert to the risks of a property bubble forming. Since 2010, the Government has introduced various measures in four major areas to