GEORGE TOWN – The state government is dedicating 10% of its affordable housing to rent-to-own purchasing schemes to help those unable to qualify for loans to eventually become homeowners.
State Housing, Town, Country Planning and Local Government Committee chairman Jagdeep Singh Deo announced this following requests by Joseph Ng Soon Siang (Ayer Itam-Pakatan Harapan) and Kumaresan Aramugam (Batu Uban-PH) to have affordable housing in their constituencies.
The state has increased the target to develop low- and medium-cost housing units, from 180,000 to 220,000.
This included 2,200 units reserved under the rent-to-own scheme.
“We will talk to the federal government to see how to assist in terms of loans because the interest rates provided by commercial banks are too high.
“We can build many homes, but if the people do not get their loans approved, it remains an issue,” said Jagdeep.
Ng said since the Covid-19 outbreak, many are left unemployed and some cannot afford to rent People’s Housing Project (PPR) units.
He hopes that the rent for PPR units can be lowered to accommodate the lower income group.
Kumaresan said prices for low-cost housing remain too high for those in the low-income group.
The state government recently reduced the ceiling price of affordable homes to RM270,000 per units on the island and RM250,000 per unit on the mainland.
The aim for every family in Penang to have a home is in line with the Penang 2030 plan. – The Vibes, October 15, 2020
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