mr funny
05-10-09, 12:34
http://www.straitstimes.com/Prime%2BNews/Story/STIStory_436963.html
October 2, 2009 Friday
$8k cap stays; offer of more exec condos
THE $8,000 household income ceiling for public housing benefits will stay, despite growing calls for a review.
However, the Government will be offering more executive condominiums (ECs) to address the needs of middle-income buyers in the $8,000 to $10,000 monthly income bracket.
The moves were announced by National Development Minister Mah Bow Tan yesterday.
The initiative to offer more ECs will allow those earning between $8,000 and $10,000 a month to take advantage of government grants and buy a home suitable for their budget, he said.
ECs are built with condo facilities but have sale restrictions similar to those for public housing.
They were introduced in 1995 to bridge the gap between public housing and private apartments. First-time buyers whose incomes are under $10,000 can apply for a $30,000 grant.
'We are going to put up more executive condominiums for sale. We will probably be launching some fairly soon,' said Mr Mah.
As for the current income ceiling, $8,000 is 'a very high income ceiling and we've reviewed it regularly', he said. 'We need to maintain a certain level of subsidy, a certain cut-off (point).'
Currently, households earning below $8,000 monthly can apply to HDB directly for a new flat at subsidised prices, or apply for a housing grant if they purchase an HDB flat.
Mr Mah noted the concern that those earning above $8,000 may not be able to afford private housing, yet they are blocked from buying new HDB flats.
'So this is a concern we will address through the provision of more ECs,' he said.
JESSICA CHEAM
October 2, 2009 Friday
$8k cap stays; offer of more exec condos
THE $8,000 household income ceiling for public housing benefits will stay, despite growing calls for a review.
However, the Government will be offering more executive condominiums (ECs) to address the needs of middle-income buyers in the $8,000 to $10,000 monthly income bracket.
The moves were announced by National Development Minister Mah Bow Tan yesterday.
The initiative to offer more ECs will allow those earning between $8,000 and $10,000 a month to take advantage of government grants and buy a home suitable for their budget, he said.
ECs are built with condo facilities but have sale restrictions similar to those for public housing.
They were introduced in 1995 to bridge the gap between public housing and private apartments. First-time buyers whose incomes are under $10,000 can apply for a $30,000 grant.
'We are going to put up more executive condominiums for sale. We will probably be launching some fairly soon,' said Mr Mah.
As for the current income ceiling, $8,000 is 'a very high income ceiling and we've reviewed it regularly', he said. 'We need to maintain a certain level of subsidy, a certain cut-off (point).'
Currently, households earning below $8,000 monthly can apply to HDB directly for a new flat at subsidised prices, or apply for a housing grant if they purchase an HDB flat.
Mr Mah noted the concern that those earning above $8,000 may not be able to afford private housing, yet they are blocked from buying new HDB flats.
'So this is a concern we will address through the provision of more ECs,' he said.
JESSICA CHEAM