The Housing Development Board (HDB) is studying ways to help needy Singaporeans own their own home as well as to unlock the value of flats to aid retirement. National Development Minister Mah Bow Tan said these plans will be rolled out by the end of the year.
He was speaking to reporters on the sidelines of a National Day Dinner in Tampines.
Low income families who dream of owning their own home might be a step closer to realising it, as the HDB is looking into improving the Additional CPF Housing Grant scheme which was implemented last year.
Currently, the scheme provides needy families with an extra grant of up to $20,000 to help them purchase their first flat.
"Even as home prices go up, it's important for us to keep public housing affordable to as many Singaporeans as possible, especially to low income (Singaporeans). So I think we need to look at how grants and subsidies can be tweaked," said the National Development Minister.
Separately, the HDB will also expand options for home owners to unlock the value of their assets beyond what's available now.
Currently, this includes downgrading to a smaller flat, subletting a unit and reverse mortgage, which hasn't been popular.
On the recent recommendation by the HDB Heartware Forum panel to give residents more say in estate upgrading programmes, Mr Mah said this will foster a sense of ownership among residents. A consultation process is expected to be worked out within a couple of months. - CNA /ls
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