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Social Housing Act
Name
Social Housing Act
Author
Type
Government Bill
Date
11/03/09
Passed
9-1


The Social Housing Act went as follows:

Social Housing ActEdit

Under this bill, two units will be provided from the Social Affairs budget for the purpose of purchasing homes, or shares of homes, from those risking losing them due to being unable to pay their mortgages.

These homes will then be made available at a low, steady rent, with priority given to the current occupants if they wish to rent it. This rent effectively acts as interest on the loan to those planning to rebuy the house.

The people will then be able to purchase the share owned by the government should their fortunes improve. This will enable people to avoid losing their homes and way of life while the crisis is happening.

As house shares will be repurchasable, it is expected that the government will recoup both units (either in purely monetary terms, or in money and extra assets in the housing stock) with extra income from the rent. Obviously, sale of houses to the government will be optional.

Every 6 months the rent charged will be assessed, with the possbility of it being raised or lowered as deemed suitable.

For more infoEdit

Ostentian Statute Book

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