Budget debate: Housing grant to help families in rental flats buy second HDB flat upped to $50,000

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SINGAPORE – A housing grant that helps families in public rental flats to buy their second Housing Board (HDB) flat shall be elevated from $35,000 to $50,000.

To present families beneath the Fresh Start Housing Scheme with extra housing choices, households can even have the choice to buy three-room flats on a shorter lease size, on high of the two-room flexi flats at the moment supplied, mentioned National Development Minister Desmond Lee on Tuesday (March 8).

To maintain models extra reasonably priced, each the two-room flexi and three-room flats shall be supplied with leases of 45 to 65 years in five-year increments, so long as the lease can cowl the youngest applicant up to the age of 95.

Offering three-room flats on shorter leases will present families with extra housing choices, he mentioned, noting that is being executed for the primary time.

“It is a substantial change that we’re making in our housing policies, to support lower-income families and their children, as they seek to improve their lives,” he added throughout the debate on his ministry’s spending plans.

He was responding to Mr Gan Thiam Poh and Ms Nadia Ahmad Samdin (each Ang Mo Kio GRC) who requested about help given to rental households to personal their very own properties.

Under the Fresh Start housing grant, eligible families will obtain $35,000 upfront in their CPF Ordinary Account once they gather their keys.

The remaining $15,000 shall be disbursed into the identical account in equal tranches over the following 5 years.

Families can even obtain shut assist from a social service company to be certain that they’ll proceed to personal their properties, mentioned Mr Lee.

Introduced in 2016, the scheme helps families with not less than one youngster under the age of 18 and had beforehand purchased a subsidised flat to buy their second HDB flat.

Flats bought beneath the Fresh Start Housing scheme have a 20-year minimal occupation interval to guarantee a secure house for the families and youngsters.

There are at the moment round 51,100 households residing in public rental flats.

To additional help families keep on observe in their journey in direction of house possession, the Fresh Start Support Programme was arrange in 2019 to facilitate nearer and extra common contact with public rental families to deal with any difficulty, mentioned the Ministry of National Development and HDB in a launch on Tuesday.

Since 2019, families who don’t high quality for the scheme however “demonstrate good potential and motivation to own their own home” could also be given particular consideration to e-book a Build-To-Order (BTO) flat, mentioned the businesses.

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