XN000022-1993-03-16 — Page 3

TUESDAY, MARCH 16, 1993

2

SANDWICH CLASS HOUSING

-

AN EXTENSION OF ASSISTED HOUSING PROGRAMME

THE

то PROVIDE LONG-TERM

FAST START SANDWICH CLASS HOUSING SCHEME AIMS IMMEDIATE HELP TO SOME FAMILIES PENDING THE LAUNCHING OF A SCHEME TO BUILD AND SELL FLATS AT AFFORDABLE PRICES TO MIDDLE-INCOME PEOPLE.

THIS WAS STATED BY THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS, MR TONY EASON, IN ANSWER TO PRESS ENQUIRIES TODAY (TUESDAY).

MR EASON SAID THE INITIAL SCHEME IS BEING DEVELOPED AS AN EARLY RESPONSE TO THE SIGNIFICANT RISE IN PROPERTY PRICES IN EARLY 1991.

EVEN WITH THE RECENT SOFTENING IN PRICES, MANY PEOPLE MIDDLE-INCOME GROUP ARE STILL UNABLE TO AFFORD THEIR OWN FLATS.

IN

***THEIR ASPIRATIONS FOR HOME OWNERSHIP WOULD BE FRUSTRATED TOO LONG A TIME IF WE SIMPLY RELY ON A

OF GRADUAL EXPANSION EXISTING ASSISTED HOUSING PROGRAMME; AN INCREASE IN THEIR EARNINGS CATCH UP WITH FLAT PRICES OR A FURTHER ADJUSTMENT IN PRICES.

THE

FOR.

THE то

"IT IS FOR THESE REASONS THAT THE GOVERNMENT DECIDED TO SPEED UP IMPLEMENTATION OF THE SCHEME BY MAKING PUNDS AVAILABLE TO PROVIDE THE SUBSIDY MORE DIRECTLY.

--

IN

MR EASON EMPAHSISED THAT THE SANDWICH CLASS HOUSING SCHEME LONG AND SHORT TERM WILL NOT AFFECT THE EXISTING PUBLIC

HOUSING

BOTH

PROGRAMME.

"RESOURCES FOR THE SCREME WILL BE ADDITIONAL.

"THERE

FROM IS NO QUESTION OF THE SCHEME TAKING AWAY ANYTHING NOW ELIGIBLE FOR OR ARE ALREADY ENJOYING PUBLIC HOUSING

PEOPLE ASSISTANCE.'

14

SOME CLARIFYING

SCHEME,

MR CASH

MISCONCEPTIONS ABOUT THE INTERIM EASON SAID THE BENEFICIARIES WILL NEITHER RECEIVE THE SUBSIDY IN NOR BENEFITS TO AN EXTENT GREATER THAN THOSE AVAILABLE UNDER THE OWNERSHIP SCHEME (HOS).

HOME

WORKED

BEING

IS USED

HE SAID: "WHILE DETAILS OF THE INTERIM SCHEME ARE BEING OUT TAKING ACCOUNTS OF PUBLIC COMMENTS AND SUGGESTIONS, CARE IS TAKEN TO SET UP A WATERTIGHT SYSTEM TO ENSURE THAT THE SUBSIDY

TO ACQUIRE SOLELY FOR THE PURPOSE OF ASSISTING MIDDLE-INCOME PEOPLE THEIR OWN FLATS.'

14

14

BENEFICIARIES WILL BE REQUIRED TO RETURN THE SUBSIDY THEY HAVE

AND

REASON WHEN THEY LEAVE THE SCHEME FOR ONE

OR

RECEIVED OTHER.

IF

--

THE

ON THE SUBSIDY LEVEL, MR EASON DID NOT EXPECT IT TO BE THAN THAT ENJOYED BY HOS FLAT OWNERS.

HIGHER

"HOS

ARE FLATS PREVAILING MARKET PRICES.

SOLD

AT

A DISCOUNT OF

35%

-

45% OF THE

/"IT MEANS