4. Implementation of the Scheme
This section discusses how the Scheme will be implemented.
4.1 Outline of Timetable
The Scheme will be implemented in two phases:
- Establishment Phase
- from July 2008 to June 2010 involving 11,000 allocations.
- Expansion Phase
- from July 2010 to June 2012 involving 39,000 allocations
- from 2012 onwards involving an additional 50,000 new allocations, subject to market demand.
Applications for incentives under the Scheme will be sought through calls for Expression of Interest (EOI), with a number of calls for EOIs being issued during the two phases of the Scheme. In any call, multi-year proposals can be considered.
4.2 Establishment Phase
The Establishment Phase aims to allocate incentives for 11,000 dwellings during the period from July 2008 until June 2010. It is anticipated that 3,500 of these dwellings would be allocations during 2008-09 and the remaining 7,500 dwellings in 2009-10.
In late June 2008, a first Call for Expression of Interest (EOI) will be sought for proposals that can deliver completed dwellings ready for occupancy before July 2010, with preference given to proposals that can deliver completed dwellings ready for occupancy before July 2009. Applicants can also choose to seek forward allocations for the period up to June 2012. A period of six weeks will be allowed for submission of proposals. It is anticipated that allocations will be made in August 2008.
A Second Call will be issued in August 2008 for proposals that can deliver completed dwellings ready for occupancy before July 2010. Applicants can also choose to seek forward allocations for the period up to June 2012. A period of 12 weeks will be allowed for submission of proposals. It is anticipated that allocations will be made in December 2008.
The balance of any incentives remaining from the proposed total of 11,000 during the Establishment Phase will be allocated in subsequent calls for EOIs for the Expansion Phase.
4.3 Expansion Phase
The Expansion Phase will draw on earlier experience to develop the effectiveness of the Scheme in differing markets, providers and tenants. It will seek to attract larger-scale involvement by financial institutions and also promote synergies with other housing affordability initiatives.
The Expansion Phase will be initiated by issuing a Third Call for EOIs in December 2008 for proposals that can deliver dwellings ready for occupancy before July 2012. A period of 12 weeks will be allowed for submission of proposals. It is anticipated that allocations will be made in May 2009.
This early Call will facilitate planning, acquisition and construction prior to the commencement of the Expansion Phase in mid-2010. Further Calls in 2009 and 2010, will depend on the number of Incentives which remain unallocated.
Question 2 - Do these timelines provide the right amount of time for proposals to be developed?