TUESDAY, JUNE 8, 1993
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IMPLEMENTATION FOR SANDWICH CLASS HOUSING SCHEME ANNOUNCED
THE GOVERNMENT TODAY (TUESDAY) ANNOUNCED THE IMPLEMENTATION ARRANGEMENT FOR THE SANDWICH CLASS HOUSING SCHEME ΤΟ HELP MIDDLE- INCOME FAMILIES THAT ARE NEITHER ELIGIBLE FOR PUBLIC HOUSING NOR ABLE TO BUY THEIR OWN HOMES.
SPEAKING AT A PRESS CONFERENCE TODAY (TUESDAY), THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS, MR TONY EASON, EMPHASISED THAT THE SANDWICH CLASS HOUSING SCHEME IN BOTH THE LONG TERM AND SHORT TERM WOULD NOT AFFECT THE EXISTING PUBLIC HOUSING PROGRAMME AS RESOURCES FOR THE SCHEME WOULD BE ADDITIONAL.
FROM
"THERE IS NO QUESTION OF THE SCHEME TAKING AWAY ANYTHING PEOPLE NOW ELIGIBLE FOR OR ARE ALREADY ENJOYING PUBLIC HOUSING, HE SAID.
ON THE LONG-TERM SCHEME, WHICH IS THE MAIN SCHEME, MR EASON SAID LAND WOULD BE GRANTED TO THE HOUSING SOCIETY AT A CONCESSIONARY PREMIUM TO BUILD FLATS FOR SALE TO THE SANDWICH CLASS AT AFFORDABLE PRICES.
SIX SITES HAVE BEEN EARMARKED UNDER THE 1993/94 LAND DISPOSAL ' PROGRAMME FOR THE LONG-TERM SCHEME.
"IT IS OUR INTENTION TO GRANT THESE SITES TO THE HOUSING SOCIETY DURING THIS YEAR TO PRODUCE ABOUT 5,000 FLATS TO BE COMPLETED FOR SALE BY 1996/97. WE ARE ALSO HOPEFUL THAT SOME OF THE FIRST FLATS WILL BE AVAILABLE FOR SALE AS EARLY AS 1995, MR EASON SAID.
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ΤΟ PROTECT GOVERNMENT'S SUBSIDY AND TO DISCOURAGE SPECULATIVE MR EASON SAID RESALE RESTRICTIONS SIMILAR TO THOSE TO THE HOUSING SOCIETY'S FLATS-FOR-SALE SCHEME
PURCHASES, APPLICABLE IMPOSED.
THE
DETAILED ELIGIBILITY CRITERIA AND APPLICATION FOR THE LONG-TERM SCHEME CAN ONLY BE FINALISED NEARER THE THE FLATS ARE READY FOR SALE.
WOULD BE
PROCEDURES
TIME WHEN
"THIS IS BECAUSE OF THE NEED TO TAKE INTO ACCOUNT CHANGING INCOME LEVELS AND PREVAILING MARKET CONDITIONS.
**BROADLY, HOWEVER, THE TARGET GROUP WILL BE THOSE FAMILIES WITH INCOME ABOVE THE UPPER LIMIT OF THE HOME OWNERSHIP SCHEME AND YET UNABLE ΤΟ AFFORD PRIVATE SECTOR FLATS OF AN APPROPRIATE SIZE AND STANDARD," HE SAID.
FUND
ON THE SHORT-TERM SCHEME, MR EASON SAID A LOW-INTEREST LOAN USING THE PROPOSED $2 BILLION WOULD BE SET UP TO PROVIDE BENEFICIARIES WITH A ONE-OFF LOAN UPFRONT AS PART OF THE DOWNPAYMENT.
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"THIS PREFERRED OPTION HAS BEEN ARRIVED AT AFTER CAREFUL CONSIDERATION OF THE MANY VIEWS EXPRESSED ON HOW BEST TO USE THE BILLION," HE SAID.
"IN ADDITION,