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Green Form plan passed

May 06, 2015

The Housing Authority's Subsidised Housing Committee today endorsed the implementation details of the Green Form Subsidised Home Ownership Pilot Scheme (GSH).

 

The implementation details follow those of the Home Ownership Scheme (HOS) as far as possible as they are considered to be effective, widely accepted and easy to understand.

 

It said using the same sets of rules, where appropriate, can maintain policy consistency across different types of subsidised sale flats under the authority.

 

The GSH will adopt the same arrangements as the HOS in offering a mortgage guarantee and in calculation of premium payment.

 

On eligibility, the GSH will adopt the same definition for Green Form applicants as for those under the HOS. Tenants allocated public rental housing (PRH) units via the Express Flat Allocation Scheme will not be eligible for the GSH within three years from the commencement of their PRH tenancies.

 

The price setting mechanism for the GSH will take into account: the discount for GSH flats will be higher than for HOS flats; affordability of target applicants (i.e. at least 50% of the flats will be affordable to target applicants, assuming a mortgage-to-income ratio of 40% benchmarked to the household income at the eligibility limit for applying PRH for a four-person household; and, the selling price should in general not be lower than the cost.

 

The site selection principles for the GSH include: the site should not contain public facilities that will incur very high management or maintenance fees; the conversion of a PRH site to GSH development should not result in substantive changes to the original planning; and, preferably be a standalone site, or a site which can be easily carved out from a PRH development.

 

The authority will proceed to identify suitable sites for the GSH.



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