The Ministry of National Development (MND) shown yesterday the details of the Fresh Start Housing Scheme, which intends to provide residences for second-timers, or families that formerly appreciated one home subsidy but now live in public rental flats.
Underneath the scheme, eligible families with school-going kids will each be able to buy a two-room Flexi flat in a Build to Order (BTO) or Sale of Equilibrium Flats (SBF) sales exercise.
These units should come with short leases ranging from 45 to 65 years to keep prices affordable. They’ll also have a longer Minimum Occupation Period (MOP) of 20 years to ensure their ownersâ children will have homes to get a longer period.
Those who qualify will undoubtedly be given another HDB concessionary loan, regardless of the number of previous loans they’ve got in the Housing Board. They will also be able to use their CPF contributions as down payment, or to service the monthly mortgage instalments.
Furthermore, they’ll be supplied with a Fresh Start Housing Grant of up to S$35,000, depending on the propertyâs tenure, with those applying for a 60-year or 65-year lease eligible for the maximum amount.
Of this grant, a fixed S$20,000 will be disbursed just before key set â regardless of the chosen lease â while the remaining sum will be distributed in annual tranches over five years.
The Fresh Start Housing Scheme, that will be executed in late Treasure Crest 2016, is open to widowed, divorced or married parents aged 35 to 55. To qualify, each home must possess a minimum of one Singaporean parent, with at least one Singaporean child below age 16. Without amassing three or maybe more months of rental arrears in the preceding 12 months, additionally, they have to have inhabited a public rental flat to get a minimum of two years.
The LSA has to be renewed for participating households to receive the yearly part of their grantsâ balance.
The Tenantsâ Priority Scheme continues to be extended to second-timer families living in public rental flats, so as to give greater precedence to them when putting in an application for a HDB flat.
Formerly, only first-timers surviving in public rental units qualified. But starting from the May sales exercise, 10 percent of the supply for two-room Flexi and three-room flats will probably be allocated to second-timers, and shared with those employing under the Resettlement, Relocation, and Selective En-bloc Redevelopment Scheme (SERS).