Asset-limit rise sought

Press, 2 October 1979, Page 6

Asset-limit rise sought

The Christchurch City Council will try again to raise the Government’s asset limit on housing for the elderly. Similar requests have been refused in the past, partly because the demand for housing from people with less than $7500 in assets had not been met in many parts of the country. The present" $7500. limit was set about two years ago, raised from $5OOO. Now council officers think $15,000 would be a more realistic upper limit for eligibility, since so many of the elderly would be committed to heavy mortgage payments to get more suitable housing under the present restriction. Formerly, the council had

sought an asset ceiling of $lO,OOO. But a report to the housing and property committee yesterday said that building' industry costs had risen rapidly in the last two years. “Many times, their only real asset is an old home,” said the deputy chairman (Cr R. Lester). He said the elderly needed a way to get into council housing without having to buy an ownership flat. Cr Vicki Buck said the council and the Government had to be careful about “overtipping the scales” in favour of the elderly when so many young people needed similar help to get into homes.