Integrated Building Maintenance Assistance Scheme to relax rateable value limits for applications
The Urban Renewal Authority (URA) and the Hong Kong Housing Society (HKHS) announced that with effect from 1 April 2012, the rateable value limits for the application of the Integrated Building Maintenance Assistance Scheme (IBMAS) will be revised to benefit more property owners.
As a result of the adjustment, the average rateable value limit of residential units in urban areas (including Tsuen Wan, Kwai Tsing and Shatin) will be lifted from $100,000 to $120,000, while the ceiling for properties in the New Territories will be increased from $76,000 to $92,000. This will result in a potential increase of close to 1,000 buildings becoming eligible for applying for assistance under the IBMAS.
The IBMAS was launched by the URA and HKHS in April 2011 to consolidate the financial assistance schemes previously provided by the two organisations.
With one-stop service, eligible owners and Owner Corporations (OCs) can obtain the following assistance:
- Cash subsidy for formation of OCs;
- Cash subsidy for rehabilitation works to common areas of buildings;
- Interest-free loan to individual owners for rehabilitation works to common areas; and
- Interest-free loans to individual owners for safety-and hygiene-related repair works to their units.
Under the IBMAS, owners whose applications have been successfully approved can enjoy the same assistance irrespective of whether the property is located in a URA or HKHS Scheme Area. They only have to fill in one set of application forms for one or more of the assistance schemes that they need.
For application and enquiries, please call (Building Maintenance Assistance Schemes Hotline) 3188 1188.