Poor planning for rents

PUBLISHED : Monday, 23 May, 2005, 12:00am
UPDATED : Monday, 23 May, 2005, 12:00am

You have to be poor to qualify for public housing, but you do not have to remain so in order to hang on to a subsidised unit.


At present, the eligibility criteria for a singleton is monthly income of no more than $6,600 and assets worth no more than $170,000.


The income and asset limits for two-person households are $10,000 and $230,000, three-person households $11,700 and $300,000, and four-person households $14,000 and $350,000.


After living in public housing for 10 years, households are required to declare their incomes, but not assets, and those with household incomes exceeding prescribed limits are required to pay higher rents.


Households with incomes exceeding twice the income limits for new applicants are required to pay 1.5 times net rent and rates, while those earning more than three times the limits double net rent and rates.


Subsequently, biennial declarations of incomes are required, and those paying double rent are also required to declare their assets.


But only those whose assets are valued at more than 84 times that of those on the waiting list are required to vacate their units.


 

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