The Housing and Local Government Ministry is focusing on helping the bottom 40 percent (B40) group, while giving special attention to the middle 40 percent (M40) group.
This comes as the ministry continue to implement housing policies and principles that benefit all Malaysians from different economic backgrounds, reported The Sun Daily.
“The B40 group are those with household income of RM3,000 and below, and it is very difficult for this group to have the opportunity to own a home if they are not given serious attention and aid by the government immediately,” said Housing and Local Government Minister Zuraida Kamaruddin.
However, she assured that the ministry has not forgotten the needs of the M40 group, with detailed studies being conducted to gather details and information, before implementing an effective action plan.
“A holistic solution through new principle and policy is being planned by the ministry to enable the M40 group to have the opportunity to own homes,” said Zuraida.
The ministry has recently unveiled the improved National Housing Policy 2018-2025 that lays down five focuses, 16 strategies and 57 action plans. A sub-policy, dubbed the National Affordable Housing Policy, outlines the specifications, guides and standards for the development of affordable homes.
Meanwhile, a RM1 billion Fund for Affordable Homes has been launched by Bank Negara Malaysia in a bid to help first-time home buyers from the lower income group fund their acquisition.
Last week, Foo Gee Jen, managing director at CBRE-WTW, called on the government not to rely entirely on the private sector to drive the development of affordable homes since this may lead to heavier cross subsidy for the M40 group.
“The government should not just be looking at winning the vote by making the B40 happy. If there is too much cross subsidy, the M40 group will suffer,” he warned.
Image source: The Sun Daily