- Assist new homeowners to assume mortgages on the purchase of certain government-constructed residential units;
- Arrange portable mortgages, which involve the transfer of existing loan balances and any benefits accrued, to a new home, with or without additional financing.
- Facilitate the assignment of mortgages, i.e. the transfer of the mortgage obligation to the purchaser of an existing residential unit in a government housing project
The Government has also introduced a number of innovative approaches to assist in financing home-ownership for low and middle-income groups. One such approach provides for a Rent-to-Own Program, targeted at individuals who, initially, are financially unable to service a mortgage.
It allows these persons to enter into an agreement to rent for a period of five years with the option to purchase. At the end of the five-year period, two-thirds of the rental payments would be applied as a deposit towards the purchase of the property and the rental tenancy would be converted to a mortgage.