One of the main goals of the Housing Authority is to promote home ownership. This year, the Housing Authority received a substantial number of properties, from the Lands Department, on which blocks of apartments are built and are currently leased out by the Government. Due to this transfer of property, the Housing Authority is able to offer the tenants residing in these Government blocks an opportunity to buy the property they reside in at a subsidised price. The Housing Authority greatly encourages the residents in Government properties in Cottonera to make use of this new scheme which gives them the opportunity to become home owners. This new scheme , entitled Acquiring My Home , was launched on 2nd August 2011. Acquiring my Home has been extended for another six months, until 2nd August 2012.
Those interested may submit an application. This will allow the Housing Authority to collect the documentation necessary for the sale of the property. At this stage the Housing Authority will also be able to calculate the market price of the said property. After the initial process, the applicant must submit a second application together with all the necessary information and documentation. This way the subsidised price can be calculated. The tenant will then be able to sign a preliminary agreement with the Housing Authority which eventually will lead to the final contract.
The Lands Department has transferred approximately 150 properties so far. It is the Housing Authority’s wish that residents who can benefit from this scheme pursue home ownership. The Housing Authority firmly believes that home ownership can help these residents to invest in a better quality of life.
Click here to download the conditions and application form for this scheme.
Click here to download the declaration for means testing.