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Public housing in France (French: logement social, also called Habitations à loyer modéré, or HLM) is a central, local or social program designed to provide subsidized assistance for low-income and poor people.
While the 30% rule may be used for the latter, banks and lending agencies might require a much higher Qualifying Income before approving a mortgage. The Royal Bank of Canada Housing Affordability Measure describes a qualifying income as "the minimum annual income used by lenders to measure the ability of a borrower to make mortgage payments ...
Public housing became needed to provide "homes fit for heroes" in 1919, [4] [5] then to enable slum clearance.Standards were set to ensure high-quality homes. Aneurin Bevan, a Labour politician, passionately believed that council houses should be provided for all, while the Conservative politician Harold Macmillan saw council housing "as a stepping stone to home ownership". [6]
A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20% down payment and a qualifying ratio of 25%.
Bedspace apartments started to appear more commonly during the 1950s and 1960s. During the Chinese Civil War, a large number of Chinese mainlanders migrated to Hong Kong, and this, along with a surge in birth rates due to the prospering economy, caused the population to dramatically increase from 2,015,300 in 1951 to 3,129,648 in 1961. [8]
Public housing in Hong Kong is a set of mass housing programmes through which the Government of Hong Kong provides affordable housing for lower-income residents. It is a major component of housing in Hong Kong, with nearly half of the population now residing in some form of public housing. [1]
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