XN000022-1986-04-23 — Page 27

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WEDNESDAY, APRIL 23, 1986

HOWEVER MR TODD CAUTIONED THAT IN PURSUING HOME OWNERSHIP REDEVELOPMENT OF OLD ESTATES SHOULD NOT BE IGNORED.

HE ALSO AGREED THAT THERE WAS A NEED TO SPEED UP THIS PROGRAMME AREA, AND THAT IT WAS THE HOUSING AUTHORITY'S DECLARED POLICY TO IMPROVE ITS OLDER ESTATES.

+MEMBERS ARE AWARE OF THE AUTHORITY'S ACCELERATED PROGRAMME FOR THE REDEVELOPMENT OF ALL MARK AND 1 PUBLIC HOUSING BLOCKS AND ITS PROGRAMME TO REDEVELOP 26 BLOCKS HAVING SUB-STANDARD CONCRETE. DEMOLITION OF ALL THESE BLOCKS IS EXPECTED TO BE COMPLETED IN ABOUT FOUR YEARS.

+WE SHALL SOON BE PLANNING HOW TO TACKLE THE REMAINING OLDER ESTATE BLOCKS AND AS WE ADVANCE INTO THE 1990'S, I ENVISAGE THAT REDEVELOPMENT OF THESE BLOCKS WILL GRADUALLY TAKE A HORE PROMINENT POSITION IN THE PUBLIC HOUSING PROGRAMME.+

TURNING TO THE FINANCIAL ASPECTS OF PUBLIC HOUSING, MR TODD SAID IT HAS ALWAYS BEEN THE HOUSING AUTHORITY'S AIN TO BECOME SELF-FINANCING AND THAT IT WAS PROGRESSIVELY BEING ACHIEVED.

+THE AUTHORITY'S CONTRIBUTION OF ITS ANNUAL CAPITAL EXPENDITURE WAS 47 PER CENT IN 1985-86, AND IS FORECAST TO REACH 69 PER CENT BY 1989-90. THUS, PROGRESSIVELY, THE AUTHORITY SHOULD BE ABLE TO BORROW LESS FROM THE DEVELOPMENT LOAN FUND AND LEAVE MORE RESOURCES AVAILABLE FOR OTHER PROGRAMME AREAS.+

ON COSTS OF THE PUBLIC HOUSING PROGRAMME, MR TODD SAID IT HAS BEEN RIGHTLY POINTED OUT THE $3.4 BILLION BUDGETTED EXPENDITURE FOR 1986-87 REPRESENTED ONLY THE ESTIMATED EXPENDITURE FOR CONSTRUCTION AND DID NOT REFLECT THE VALUE OF LAND.

+THE FULL VALUE OF LAND IS SHOWN IN THE HOUSING AUTHORITY'S ACCOUNTS AS A GOVERNMENT CONTRIBUTION. BY THE END OF THE 1984-85 FINANCIAL YEAR THIS HAD AMOUNTED TO $18.3 BILLION. +

TO A SUGGESTION THAT THE HOME OWNERSHIP SCHEME SHOULD BE TRANSFERRED TO THE HOUSING AUTHORITY TO GIVE IT THE BENEFIT OF THE SURPLUS, MR TODD SAID THIS SUGGESTION, WHICH WOULD HAVE WIDE FINANCIAL AND POLICY IMPLICATIONS, WOULD NEED TO BE CAREFULLY CONSIDERED.

ON A PROPOSAL THAT TENANTS SHOULD BE ALLOWED TO BUY THE RENTAL FLATS WHICH THEY OCCUPIED, THE HOUSING SECRETARY SAID WHILE THIS SUGGESTION HAS ITS ATTRACTIONS, THERE WERE ADMINISTRATIVE AND MANAGEMENT PROBLEMS AS WELL AS FINANC FAL DRAWBACKS.

HE NOTED THAT THE OLDER RENTAL PROPERTIES HAVE INADEQUATE FACILITIES, SO THEY WERE NOT SUITABLE FOR SALE. ALTHOUGH THE NEWER ESTATES COULD UNDOUBTEDLY ATTRACT INTEREST, THEY WERE PART OF THE ACCOMMODATION STOCK FOR REHOUSING PEOPLE ON THE WAITING LIST, SQUATTERS AND OTHERS.