TNAG-2864-FCO40-4118-International-Covenant-on-Economic--Social-and-Cultural-Righ-1993 — Page 16

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(LTHS) in 1987. The LHTS provides a framework for the development of future housing programmes up to 2001. It aims to satisfy all the outstanding demand for public rental flats and that for home ownership by the turn of the century, to clear all urban squatters and temporary housing areas by the mid-1990s and to redevelop old public rental estates with sub-standard facilities. Under the revised financial arrangements, the Government has given a financial commitment of about US$ 1.3 billion to support the public housing programme and to provide land for public housing on concessionary terms. The Housing Authority has therefore greater financial autonomy in implementing the Strategy effectively.

36. There are now about 292,000 people living in squatter areas in Hong Kong. Under a squatter area improvement programme costing about US$ 23 million, about 140,000 persons have benefited from the seven year programme. There are still 84,000 persons living in temporary housing areas (THAs) and cottage areas. The current programme is to provide about 40,000 public housing flats a year for rent and sale. Between 1985/86 and 1990/91, a total of 273,000 public housing flats were produced. Between 1991/92 to 2000/01, a total of 380,000 public housing flats will be produced, of which 199,000 will be produced in the first five years.

37.

The number of applicants on the waiting list for obtaining assisted housing is 166,000 (involving a total of 490,000 persons). The average waiting time is 5 years (ranging from 4 months to 12 years, depending on the district chosen by the applicant). A number of measures have been taken to shorten the list. These include providing allocation to those considered to be in genuine need of housing in four months' time and to hardship cases under compassionate rehousing category in two months.

38. To enable lower-middle income families to own their homes, the Government introduced a Home Ownership Scheme in 1976 and a Private Sector Participation Scheme in 1978. These flats are sold to eligible families, exclusive of land value, at prices which are about 30% below market levels. The discount rate may vary in different sales exercises depending on prevailing market conditions, but the overall aim is to ensure that about half of the flats on offer are affordable to families within a prescribed income limit in any one sales exercise. Concessionary mortgage arrangements are offered to these families with interest rates slightly below market rates and repayment over 15 years. The home ownership rate in the public sector has increased threefold from 5% in 1982/83 to 19% by 1991/92. It is estimated that by 2001, the home ownership rate in the public sector stock will go up to about 39%.

39. Old estates with sub-standard facilities redeveloped under the Comprehensive Redevelopment Programme. Since 1972,