Regulations 2003 No.3 of 2002 Amendment of Housing Assistance Schemes Regulations
Tabled paper 771
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A number of consequential changes to Schedule 6 are also necessary. These relate to income, and the amount advanced to the applicant and the approved person. Further changes to Schedule 6 relate to the transfer of loans to a new property and the need to demonstrate savings ability. The regulations regarding the process of transferring loans has been clarified, and the new regulation is designed to ensure that the applicant is taking a worthwhile step towards improving his/her living conditions. It is considered that the requirement for an applicant to contribute $2,000 of his or her own savings towards the purchase price excludes from the scheme a number of people to whom it is intended to apply. An amendment to the Schedule to make the scheme more accessible to its target group, by removing this requirement, is also included. These Regulations also make a number of related changes to Schedule 7 of the principal Regulations. Provision is also made for the lapsing of a grant of transfer of loan arrangements after three months in certain circumstances. Authority: section 37 of the Housing Act.