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INKCAZELO: |
Institutional subsidies are given to organisations that agree to also pay towards a building project. The houses built then belong to the organisation, and not individual beneficiaries, for at least four years after completion. |
IMIYALELO: |
WHAT IS AN INSTITUTIONAL SUBSIDY? An Institutional Subsidy is paid out to an organisation (a registered company, co-operative or association) that must also pay towards a building project. The houses built in this project belong to the organisation for at least four years after completion. After these four years, the house may be sold or transferred to the beneficiary, or the beneficiary can apply for a housing subsidy for another property. The Institutional Subsidy is different from other housing subsidies in that it provides a standard rate for every household earning less than R3 500 per month, and does not necessarily end with the beneficiary owning the property. WHO CAN APPLY FOR AN INSTITUTIONAL SUBSIDY? Only a legal institution - in other words, a registered company, co-operative or association - can apply for an Institutional Subsidy. The organisation must be able to prove that it is financially viable, has suitable tenure arrangements with beneficiaries, able to manage a building project and so on. The ultimate beneficiaries of the subsidy, in other words, the people who will live in the houses built, will have to be approved by the Department of Local Government & Housing. HOW MUCH IS AN INSTITUTIONAL HOUSING SUBSIDY WORTH? An Institutional Subsidy is worth R34 049 per approved household that will ultimately get a home. The Institution must also add capital to the project.HOW DO YOU APPLY FOR AN INSTITUTIONAL SUBSIDY? The qualifying institution will need to prepare and submit a project application to the Department of Local Government & Housing, along with the standard required agreements. If the project application is approved, the institution and the Department will enter into an agreement as to how the subsidy will be paid out, as well as what happens on conclusion of an instalment sale, shareblock or lease agreement. WHERE CAN I FIND OUT MORE ABOUT INSTITUTIONAL SUBSIDIES? Department of Local Government & Housing Housing Subsidies Helpdesk Refer to Part 3, Chapter 6 for information on Institutional Subsidies. |
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