WEDNESDAY, MARCH 2, 1977
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ON PUBLIC HOUSING AS A WHOLE, THE FINANCIAL SECRETARY SAID OVER THE NEXT FOUR YEARS FROM 1977-78 TO 1980-81, ACCOMMODATION FOR A FURTHER 770,500 PERSONS IS EXPECTED TO BE COMPLETED, REPRESENTING TWO AND A HALF TIMES THE ADDITION TO THE HOUSING STOCK IN THE FOUR YEARS FROM 1973-74 TO 1976-77.
THESE INCLUDE AN ESTIMATE OF 10,500 FLATS, PROVIDING ACCOMMODATION FOR ABOUT 52,000 PERSONS, TO BE BUILT BY THE HOUSING AUTHORITY UNDER PHASES AND 1 OF THE HOME OWNERSHIP SCHEME.
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HE SAID, +WORK ON FURTHER ESTATES WILL BE IN PROGRESS AT THE END OF 1980-81 FOR COMPLETION IN SUBSEQUENT YEARS. SO WE CAN EXPECT THAT, BY 1984, ADEQUATE HOUSING WILL BE AVAILABLE TO MEET A VERY LARGE PROPORTION OF THE COMMUNITY'S NEEDS.+
ON THE PROBLEM WHICH THE HOUSING AUTHORITY HAS TO FACE IN RECONCILING, ON THE ONE HAND, THE NEED FOR RENTS TO COVER ALL COSTS, AND, ON THE OTHER HAND, THE MEANS OF ITS TENANTS, MR. HADDON-CAVE SAID, +THIS PROBLEM HAS BEEN EXAMINED OVER THE PAST FEW MONTHS AND, AS A RESULT, THE GOVERNMENT HAS IN MIND PUTTING TO THE AUTHORITY A PACKAGE OF REVISED FINANCIAL ARRANGEMENTS WHICH WOULD HAVE THREE MAIN OBJECTIVES.+
THEY ARE: FIRST, TO RELIEVE THE AUTHORITY OF ITS INORDINATELY LARGE DEBT LIABILITY TO THE GOVERNMENT WHICH IT IS UNABLE TO DISCHARGE, AND TO GIVE IT A RATIONAL CAPITAL BASE SECONDLY, TO ENSURE THAT THE AUTHORITY CAN DISCHARGE ITS STATUTORY OBLIGATION TO MEET RECURRENT EXPENDITURE ON ITS ESTATES FROM RENT INCOME AND PREMIA FOR COMMERCIAL TENANCIES AND, THIRDLY, TO PERMIT THE AUTHORITY TO BE MORE FLEXIBLE IN DETERMINING RENTS, HAVING REGARD TO TENANTS' ABILITY TO PAY, TO RENTS IN THE PRIVATE SECTOR AND TO SUCH FACTORS AS LOCATION AND QUALITY OF ACCOMMODATION. +
DURING 1977-78, THE FINANCIAL SECRETARY SAID, THE HOUSING DEPARTMENT ESTIMATED THAT IT WOULD SPEND ABOUT $302 MILLION ON THE HOUSING AUTHORITY'S EXISTING BUILDING PROGRAMME FOR RENTED ACCOMMODATION, OF WHICH ABOUT $175 MILLION, OR NEARLY 60 PER CENT, WOULD BE MET FROM BORROWINGS FROM THE DEVELOPMENT LOAN FUND, AND THE BALANCE FROM THE AUTHORITY'S OWN FUNDS.
+ THE PUBLIC WORKS DEPARTMENT,+ HE SAID, WOULD CONTINUE CONSTRUCTION WORK ON THOSE ESTATES ON WHICH PLANNING HAD ALREADY STARTED WHEN THE NEW HOUSING AUTHORITY WAS FORMED AND EXPECTS TO SPEND $131 MILLION ON THEM DURING 1977-78.
+BUT THE DRAFT ESTIMATES ENVISAGE, OVER AND ABOVE THIS SUM, THE EXPENDITURE OF $96 MILLION ON COMMUNITY FACILITIES TO ENSURE BALANCED DEVELOPMENT, MR. HADDON-CAVE SAID.
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