Page 4633 - Week 15 - Tuesday, 6 December 1994

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ANSWERS TO QUESTIONS

MINISTER FOR HOUSING AND COMMUNITY SERVICES

LEGISLATIVE ASSEMBLY QUESTION

QUESTION NO 1430

Housing Trust - Borrowings

MR CORNWELL - Asked the Minister for Housing and Community Services -

(1) Is the ACT Housing Trust in (a) debt, (b) arrears, to an amount of about $50 million.

(2) If either of the questions at (1) is correct, what are the circumstances of the debt/arrears situation.

(3) What steps are being taken to retrieve the situation at (1).

(4) Who will pay the cost of recovering the situation at (1).

MR LAMONT - The answer to the Members question is as follows -

(1) (a)As at 30 September 1994 ACT Housing had total borrowings of

$334.989 million comprising:

$276.349 million Commonwealth Loan Council funds;

$1.850 million private lenders loans; and

$56.790 million ACT Treasury.

(1b) Nil

(2) The Commonwealth borrowings are Loan Council moneys used to fund Rental Housing purchases and Home Purchase Assistance loans. These borrowings ceased in 1990.

The private borrowings are funds obtained from Superannuation funds during the 1960s and 1970s at low fixed interest rates.

The borrowings from ACT Treasury are used solely to enable additional home lending to those in the community who are unable to acquire home funding through financial institutions.

(3) These borrowings comprise the means used to finance the assets of ACT Housing Trust and are repaid from the earnings of the ACT Housing Trust.

(4) ACT Housing Trust.

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