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The following is issued on behalf of the Housing Authority:
Housing Authority's (HA) Subsidized Housing Committee (SHC) endorsed today (March 13) an upward adjustment to the Waiting List (WL) income and asset limits for 2006/07. The moderate increase reflects the change in consumer price levels and private rentals in Hong Kong over the year.
The income and asset limits will be increased by an average of 2.7% and 1.7% respectively. For 1-person and 4-person households, the income limits will go up from the current $6,600 and $14,300 to $6,800 and $14,600 respectively whereas the asset limits from $170,000 and $350,000 to $173,000 and $356,000 respectively (see Table below).
"The new set of limits will take effect on April 1. It is estimated that some 126,500 non-owner occupied households in the private sector (34.1%) will be eligible for PRH, up 4,900 from the current 121,600 households (32.7%)," the Chairman of SHC, Mr Ng Shui-lai said.
At today's meeting, the SHC also endorsed the use of a new methodology for setting the asset limits. The prevailing asset limits will be adopted as the basis for future adjustments according to movements in Consumer Price Index (A) (CPI(A)).
"Adjusting the asset limits according to movements in CPI(A) could provide us with a practical and transparent framework for reviewing the asset limits."
"Compared to rental index adopted in the current methodology, CPI(A) is a broader-based price indicator and the former is potentially subject to more volatile fluctuation according to the economic cycle," Mr Ng explained.
The Waiting List Income and Asset Limits for 2006/07 are as follows:-
Household Income Asset
Size Limits Limits
1-Person $6,800 $173,000
($7,158) [$346,000]
2-Person $10,300 $234,000
($10,842) [$468,000]
3-Person $12,100 $305,000
($12,737) [$610,000]
4-Person $14,600 $356,000
($15,368) [$712,000]
5-Person $16,300 $396,000
($17,158)
6-Person $18,100 $427,000
($19,053)
7-Person $19,700 $457,000
($20,737)
8-Person $21,300 $478,000
($22,421)
9-Person $22,400 $528,000
($23,579)
10-Person $23,900 $569,000
and above ($25,158)
Figures in [ ] denote asset limits for elderly households (both nuclear and non-nuclear households comprising solely elderly members).
Figures in ( ) denote the effective income limits should a household be contributing 5% of its income under the Mandatory Provident Fund (MPF) Scheme as required by the law.
Ends/Monday, March 13, 2006
Issued at HKT 17:05
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