ENG-1963 — Page 229

LAND AND HOUSING

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unsatisfactory conditions. It plans, constructs and manages its own estates, which are designed for those with family incomes ranging from $400 to $900 a month. Under this programme the Authority has housed over 96,000 people in 15,541 flats in seven wholly or partially completed estates. At the end of the year 6,897 flats to house a further 41,510 people were under construction.

The Authority's present programme, which will provide housing for over 137,000 people in 22,438 flats at a capital cost of nearly $200 million, is to be completed by early 1966. The programme has been financed by Government loans amounting to $180 million, so that almost $20 million has been achieved by self-financing. By the end of 1963 the Authority had spent over $158 million and its rent roll had reached $1.4 million a year. Sites are provided by Government at one-third the estimated market value, and rents are calculated on the basis of estimated working expenses and amortization of capital expenditure on buildings and land at five per cent over 40 years. On this basis the Authority is required to balance its budget.

In 1962 the Authority adopted a 10-year progressive building programme designed to provide 24,555 flats for 153,000 people between 1964 and 1973. The programme is subject to annual re- view and is dependent on further Government loans and funds available. In 1962, Government expressed its intention to allocate a further $80 million to the Authority in such instalments as are necessary in addition to self-financing to permit the Authority to start a $20 million housing scheme every year, subject to review from time to time in the light of the overall financial position of the Colony. Of this $80 million, $50 million had already been allocated by the end of 1963 for the Authority's proposed large new estate at Pok Fu Lam.

Housing built by the Authority consists of multi-storey blocks of self-contained flats in large estates with provision for shops, clinics, schools and kindergartens. Playgrounds and other ameni- ties are provided and a high standard of planning and construction is maintained. Rents for the Authority's flats range from $48 a month for a four-person flat to $130 a month for a 12-person flat. Selection of tenants is carried out on the basis of housing need, a points system being operated.