Pensioner flat subsidy rise

Press, Volume CXI, Issue 32534, 18 February 1971, Page 1

Pensioner flat subsidy rise

(New Zealand Press Association) WELLINGTON, February 17. Increased Government subsidies for pensioner flats and a new subsidy on land for pensioner flats were announced today by the Minister of Health (Mr McKay).

The new subsidy of up to $lOOO a flat will be available for the cost and development of land. The first $3OOO of the cost of construction of the flat will be met from State Advances loan at 3J per cent, while the balance of the cost of construction, with a maximum of $3OOO, will be made available by subsidy. Mr McKay said in a statement that the new subsidy policy would apply to all local authority pensioner flat schemes approved on or after February 1. “The total cost limit of $5500 has been increased to $6OOO for the building,” said Mr McKay. “Assets limitations for eligible applicants for subsidised pensioner flats have been increased from $3300 to $5OOO. “The new subsidy on land|

of $lOOO and the increased subsidy for building of $3OOO will also apply to the pensioner fiat schemes of religious and welfare organisations.”

Mr McKay said he appreciated the past difficulties of building pensioner flats. “I hope that the new provisions will enable the pensioner housing programme—which is most essential in balanced community development—to be maintained,” he said.