TNAG-0856-FCO40-1066-Construction-of-underground-railway-system-in-Hong-Kong-1979 — Page 60

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Either accommodation in a public housing estate, or assistance to buy another flat in the form of:-

(a) A lump sum allowance equivalent to full interest

charges on a mortgage to make up the difference between the market value compensation for the premises being surrendered and the ' purchase price of a new flat; the maximum difference between the value of the premises surrendered and the purchase price of a new flat which qualifies for this allowance is $100,000 or half the value of the premises being surrendered, whichever is the less. The amount of the allowance has varied. depending upon the date of acceptance because mortgage interest rates have varied. Based on a mortgage interest rate of 15%, the amount is at present 54.9% of the difference in values.

An example will perhaps make this easier to understand. Suppose the full market value compensation for the premises being surrendered is $150,000 and the purchase price of the new flat $200,000. The difference in value is $50,000, which is less than half the value of the premises being surrendered, so the full $50,000 qualifies for the allowance.

The

amount of the allowance will be $27,450, being 54.9% of $50,000.

(b) A rent allowance of $1,500 per month from the

date of vacating the premises in Sai Lau Kok

to the date the new flat is ready for occupation, available until the end of June 1980 at the latest.

A setting-up allowance of $10,000, designed to meet legal expenses and stamp duty charges on the purchase of a new flat, payable upon proof of purchase of alternative accommodation before 30th June 1980.

Owners not occupying their domestic flats.

Open market value of the premises as at the date of reversion, with interest from the date of reversion to the date of payment.

- A setting-up allowance of $10,000 on the same

conditions as for owner-occupiers.

Eligible tenants of domestic flats.

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Accommodation in a public housing estate.

Disturbance allowance based on the occupied floor area of the premises.

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../Eligible

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