URA provides more incentives for building rehabilitation
The Urban Renewal Authority (URA) today (Saturday) announced
details of a new package of initiatives in response to the
Government's efforts to foster a strong culture of building
care.
The initiatives were introduced following the Government's
publication of a consultation paper to promote building management
and maintenance yesterday.
The initiatives are designed to enhance both the financial and
technical assistance to building owners corporations under the
URA's current rehabilitation material incentive scheme and
interest-free loan scheme.
First, the cost of subsidy material offered under the material
incentive scheme is increased from 10 percent of works value to 20
percent or up to $3,000 per unit.
Second, the hardship grant of up to $10,000 per unit currently
offered under the building rehabilitation loan scheme is extended
to eligible building owners under the material incentive scheme.
"This will enable those eligible owners, in particular the elderly
owners who are in need of financial assistance, to undertake
building rehabilitation," said Mr. Stephen Lam, District
Development Director of the URA.
"Third, we have also extended the 50 percent professional fee
subsidy, up to $20,000 per building, currently provided only under
the material incentive scheme to buildings under the loan scheme as
well," Mr. Lam said.
"Fourth, we are offering expert advice to owners' corporations who
are interested in taking the opportunity of a building
rehabilitation exercise to redesign the colour scheme of their
buildings to make them look smarter and more attractive on the
outside. We wish to offer this service as a trial to see how much a
pleasing colour scheme would help brighten up a neighbourhood,
particularly if a cluster of buildings would volunteer to join such
effort of beautifying the built environment," Mr. Lam
explained.
The URA launched the material incentive scheme and loan scheme in
October 2003 and April 2004 respectively to promote voluntary
building rehabilitation. It was estimated that a total of 705
buildings of 20 years old and above could benefit from the schemes
in five years' time. So far about 140 buildings comprising 12,000
units have joined the schemes.
Mr. Lam said: "With the enhanced measures, we are confident that
even more property owners will be motivated and encouraged to
undertake voluntary building rehabilitation. We expect the new
measures to cost at least $10 million more within our current $230
million budget for five years."
"It is estimated that some 10,000 property owners will benefit
from the refined schemes and we expect the number of households
joining the schemes will grow steadily," Mr Lam said.
Since launching the two rehabilitation schemes, the URA has also
implemented a package of complementary measures with a view to
providing a comprehensive range of services to owners'
corporations. These included initiating with 13 banks to
offer preferential mortgage loan terms for flats rehabilitated
under the schemes of the URA and providing a three-year, 50 percent
third party liability insurance subsidy for rehabilitated
buildings.
(End)