The Executive Council has developed a legal framework on ‘sandwich housing’ which will boost home ownership among young people who are ineligible for public housing and too short of money for private accommodation.
According to Housing Bureau President Arnaldo Santos, who unveiled details of the new type of housing at a press conference this afternoon, only residents with permanent IDs who do not own any property in 10-year-olds are eligible to apply for the accommodation, which Santos said was designed to cater to “young people”.
According to the bill, this means that only individual applicants aged 23 or over and those aged 18 who plan to move in with family members are eligible.
Beneficiaries of public mortgage interest subsidies are exempt from the housing programme.
However, the official said the Bureau had yet to finalize a ranking system that would decide who would be most eligible for the 7,000 to 10,000 units, with the first batch of units to be built on Avenida Wai Long. and across from the city airport.
“I think the application requirements for sandwich housing would be different than for budget housing because the former targets a different group of buyers,” Santos said, referring to the city’s public housing for sale called ” economic housing.
It was said that each of the sandwich accommodations would cost between 60 and 70% of the average price of private accommodation.
It is forbidden for first-time owners of alternating class apartments to resell them within 16 years of their purchase. They will also have to pay a price differential of approximately 30% of the price of the unit they will put up for sale.
Landlords, who are required to spend at least 183 days in their apartment each year, will face a hefty fine if found guilty of attempting to sell or rent their property, with the fine of up to 20% the initial price of the apartment. property.