Home improvement funds allocated

Press, 5 July 1986, Page 8

Home improvement funds allocated

By

OLIVER RIDDELL

in Wellington

A new urban renewal and home improvement package, worth $2O million this financial year, has been announced by the Government. The package comprises $l2 million for home improvement loans for essential work by low-in-come families, $6 million for urban renewal projects by the Housing Corporation, and $2 million in grants and loans to local authorities, trusts and cooperatives. The Minister of Housing, Mr Goff, said the programme had been designed to conserve housing stocks, improve older ana rundown neighbourhoods, and make better use of urban amenities. It was designed to maintain a social balance within communities rather than displace lowincome tenants, he said. Unlike the earlier Community and Housing Improvement Programme (C.H.1.P.) it would not be restricted to specific areas. The C.H.I.P. scheme

had arbitrarily excluded many . dwellings from assistance, said Mr Goff. Within special designated areas, displacement of tenants by higher-income households had been encouraged. Home Improvement loans will be available for essential improvements to prolong the life of a dwelling and to Increase living space. Loans of up to $lO,OOO

at 15 per cent (first mortgage) would be available In cases of special need, said Mr Goff. In specific cases, an elderly person no longer living in his or her own home would be eligible. For elderly home-owners of modest means doing essential maintenance, principal repayments and some of the interest might be capitalised and taken from the sale'of the house or estate.