TNAG-1726-FCO40-2439-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 282

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changes to the organisation and finances of the Authority and through the Bill now before this Council which makes several necessary amendments to the Housing Ordinance.

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Concern has been expressed that the proposals

are intended to reduce Government's commitment to public housing. This is not so. Although the Authority will have greater freedom to make decisions on operational matters, Government will continue to monitor the work of the Authority and will remain responsible for setting the major policy guidelines within which the Authority will

operate.

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Government will have an ongoing financial

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commitment in the Authority. In addition to handing over the closing balance of the Home Ownership Fund and not requiring repayment of the outstanding loans made to the Authority by the Development Loan Fund, Government will if

necessary inject cash to guarantee the Authority's financial solvency and facilitate its cash flow. These

sums will become Government's permanent capital in the

Authority.

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Government's contribution to domestic housing

and non-domestic equity in the Authority will be

substantial. Apart from the existing balance in its

$34,000 contribution account, valued at $35 theusene million, Government will continue to provide land to the Authority on concessionary terms to enable it to develop housing at

affordable rents and prices. By 2001, Government will have a standing investment of $02 thousand million in the

Authority.

$92,000.

The Authority's greater operational freedom will not reduce its public accountability The Authority's annual programme and estimates will continue to be submitted for approval by you, Sir, and its audited accounts and annual report will continue to be tabled in

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/this Council