XN000022-1981-02-25 — Page 17

WEDNESDAY, FEBRUARY 25, 1981

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$3.976 M TO BE SPENT ON HOUSING IN 1981/82

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THE TOTAL EXPENDITURE ON HOUSING IN 1981-82 IS ESTIMATED TO RISE TO $3 976 MILLION FROM THE 1980-81 ESTIMATE OF $3 287 MILLION, THE FINANCIAL SECRETARY, THE HON SIR PHILIP HADDON-CAVE SAID TODAY (WEDNESDAY).

THESE FIGURES, HE SAID, EXCLUDED THE VALUE OF LAND USED BY THE HOUSING AUTHORITY FOR RENTED HOUSING.

+THE GOVERNMENT'S PUBLIC HOUSING PROGRAMME WAS RECAST IN 1979 AS A FOUR-YEAR PROGRAMME AIMED AT ACHIEVING A LEVEL OF PRODUCTION, FOR BOTH RENTAL AND SALE, OF ABOUT 35 000 FLATS A YEAR,+ SIR PHILIP SAID.

THIS ANNUAL TARGET FIGURE, HE SAID, SHOULD BE ACHIEVED FOR THE FIRST TIME IN 1980-81 AND WILL BE MAINTAINED AT THIS LEVEL THEREAFTER.

HE NOTED THAT THE FORECAST OF PRODUCTION IN THE FOUR YEARS, 1981-82 TO 1984-85, AT 147 100 FLATS EXCEEDS PRODUCTION IN THE FIVE POST-RECESSION YEARS, 1976-77 TO 1980-81, BY 42 432 FLATS.

+THESE PRODUCTION FIGURES DO NOT INCLUDE 7 620 HOUSING SOCIETY FLATS AND 2 250 HOME OWNERSHIP (PRIVATE SECTOR PARTICIPATION) SCHEME FLATS EXPECTED TO COME ON STREAM DURING THE SAME FOUR YEAR PERIOD, + SIR PHILIP SAID.

AS REGARDS THE HOME OWNERSHIP SCHEME, SIR PHILIP SAID 15 500 FLATS OUT OF A TOTAL OF ABOUT 23 200 FLATS IN PHASES 1, 11 AND ||| HAD BEEN COMPLETED BY THE END OF 1981-82.

+WORK WILL BE IN HAND ON THE BALANCE, AND ALSO ON A FURTHER 13 800 FLATS IN PHASES IV AND V, HE SAID.

HE NOTED THAT MORTGAGE FINANCE, AMOUNTING TO $1 255 MILLION, WAS OFFERED BY 18 BANKS AND FINANCIAL INSTITUTIONS, OUT OF A TOTAL OF WELL OVER 300 ORGANISATIONS, FOR ELIGIBLE PURCHASERS OF FLATS IN PHASE AND THE FIRST PART OF PHASE 11.

HE SAID HE HAD WRITTEN AGAIN TO ALL BANKS AND DEPOSIT-TAKING COMPANIES INVITING THEM TO COMMIT ABOUT $900 MILLION FOR THE REMAINDER OF PHASE II AND THE FIRST PART OF PHASE III.

+1 SHALL BE MOST DISAPPOINTED IF MY INVITATION TO PROVIDE THESE FUNDS DOES NOT GENERATE A WIDER RESPONSE, PARTICULARLY AS THERE ARE NOW OVER 400 SUCH INSTITUTIONS, SIR PHILIP SAID.

SIR PHILIP SAID ALTHOUGH THE ANNUAL PUBLIC HOUSING TARGET OF PRODUCTION OF 35 000 FLATS FOR RENTAL AND FOR SALE HAS NOW BEEN ACHIEVED, AND WILL BE MAINTAINED, THE LENGTH OF THE HOUSING AUTHORITY'S WAITING LIST HAS REMAINED FAIRLY STATIC IN RECENT YEARS AND IS LIKELY TO REMAIN SO FOR SOME TIME IN VIEW OF CONTINUING CLEARANCES.

*THERE IS THUS A CLEAR NEED TO REVIEW THE SCOPE OF THE HOME OWNERSHIP SCHEME, IF NOT ITS AMBIT.

/+ACCORDINGLY