Government fostered the UIS, at inception in 1974. by way of a pump-priming loan of $100 M which is being repaid as the UIS is now self-financing. Government also assists by resuming suitable sites which the Society is unable to acquire by negotiation.
at
Rural public housing rental flats Government's request in selected cases, the Society undertakes small-scale rural public housing projects offering rental flats while the Housing Authority generally undertakes larger projects. Like the Authority, the Society receives land at nil premium plus loan finance at a notional 5% interest repayable over 40 years. The flats are offered to eligible applicants in
in need of rehousing from both the Society and Housing Authority sources.
Thus, the Housing Society complements the Housing Authority in most respects in the provision of public housing, but on a smaller scale. The Society does not, presently, operate a scheme offering flats for sale similar to the Government' S Home Ownership Scheme (HOS) or Private Sector Participation Scheme (PSPS).
The proposal and its reasons
3
The Society now seeks to institute a flats-for-sale scheme on essentially similar terms and conditions as to the Government's Home Ownership Scheme, in that the Society's
flats would be sold at suitable discounts below market value and at prices affordable by eligible families from more or less the same HOS/PSPS target group of public housing tenants and lower-middle income families. The dual objectives being: to supplement the provision of HOS/PSPS flats in order to meet the sustained high demand for home ownership flats especially in the urban areas; and, to improve the Society's financial position to enable it to continue its provision of public housing flats at affordable rentals and prices.
4
Since 1982, the Society's eligible tenants have been able to apply for the Housing Authority's HOS/PSPS flats. But the reality is that only about 30% of the Society's applicants have
have been successful (recently only 15%) in purchasing such flats, because the sales of HOS/PSPS flats over the past two years have
have been heavily there remains an outstanding demand,
over-subscribed and
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