To provide more support for those in the lower-income bracket, the government is planning for new initiatives from at least 4 ministries.
Home Ownership Support Team to help 1,000 families own homes
HDB, Jalan Bukit Merah. Picture: iProperty
On the housing front, the Housing Board (HDB) will be setting up a Home Ownership Support Team (HST) to help 1,000 families who are living under the HDB rental scheme to eventually own their own HDB flat.
Over the next 4 to 5 years, the team will identify and provide the necessary support to households who potentially can qualify for home ownership.
Under the current system, households are also able to work towards potentially owning their own HDB flat, but the frequency of evaluation and identification is low. They often renew their tenancy every 2 years.
There is a current scheme that runs along the same vein. Implemented in 2016, the Fresh Start Housing Scheme helps families who have previously rented HDB flats move towards owning one for the second time. This new scheme seems like a timely complement to the current one.
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A new scheme to compliment the Fresh Start Housing Scheme
The HST will work to help households navigate the HDB flat purchasing process, providing advice as to the use of their CPF savings to pay the mortgage and to ensure they are on track to collect their keys.
Senior Parliamentary Secretary for National Development Sun Xueling has said that the ministry hopes to “provide stronger personalised hand-holding for families who are ready for home ownership”
Over the last 6 years, 3,500 families who were renting from the Housing Board have become first-time flat buyers. 74 families have joined the Fresh Start Housing Scheme out of which 5 have collected keys to their own flat.
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