Friday, October 06, 2006
[RealEdge] TodayOnline Forum : Ownership schemes target those 'ready and able'
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| Ownership schemes target those 'ready and able' Friday ? October 6, 2006 Letter from Tay Boon Sun Senior Public Relations Officer for Director (Corporate Development) Housing & Development Board I refer to the letter, "Better off renting?" by Mr Leong Sze Hian (Oct 2). HDB has always emphasised the need for HDB flat buyers to exercise financial prudence and to plan for the long term. To reinforce this, HDB has a credit assessment process, which includes financial counseling to advise buyers. Schemes to encourage home ownership are aimed at those who are ready and able to buy their own flats. HDB offers a range of affordable housing options from smaller two-room flats to larger five-room flats, so as to suit different needs and budgets. For those who are not financially ready or able to own their own flats, HDB maintains a stock of rental flats to provide such families with affordable and heavily subsidised rental housing. As the income level of those who own and rent flats are different, the choices of flats available to the two groups therefore are also different. In addition, given that rental flats are highly subsidised and limited in number, it is important that they are reserved only for those who are genuinely in financial hardship. Mr Leong highlighted that a deficit of $51 million was reported under the Mortgage Financing Segment of HDB's FY05 Annual Report, whereas a surplus of $17 million was reported in the previous year. We wish to clarify that this is mainly due to a more conservative approach in the provision for doubtful loans as part of good accounting practice. | |
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// posted by Shajahan @ 11:23 AM 