Housing Ministry Expects $398 Million in Capital Recoveries

The Ministry of Water and Housing estimates that it will achieve some $398.8 million in capital recoveries for the 2010/2011 fiscal year under the Housing Fund.
As outlined in the Estimates of Expenditure now before the House of Representatives, some $333.8 million is to come from the sale of scheme units/lots; $42.9 million from the sale of 12 parcels of land; $215,000 from the conversion of rentals to sales; and $1.6 million from the divestment of condominiums and town houses.
In addition, returns from collecting/sales agencies will net $3.5 million; joint venture schemes, $14.5 million; and sale of joint venture lots/units $2.1 million.
In the new fiscal year, the Government will contribute $50 million to the Fund to carry out a range of activities and implement projects at Albion, St. Thomas and Kennedy Grove in Clarendon.
The Housing Fund was established under the Housing Act of 1968 as a source of capital for housing development. Its overall financial resources are estimated at a total of $605.7 million this financial year, including expenditure of $604.8 million.