-Housing Act of 519AER-

This bill aims to target the fledgling Middle Class and allow for more citizens to get a foot upon the Property Ladder. It shall hopefully help a lot of citizens get a more firm footing of their own and become less reliant on their state government. It shall also help give people equity from which to help them get credit from which to safeguard themselves in the future. 
==Clauses: ==
I. Tenants of State-owned residences will gain the full right to buy their own home at a discount market rate as long as they have lived in the residence for over 3 years. There will be a 30% discount for Houses, a 40% discount for Flats and Apartments and a 55% discount for tenants who have lived in their residence for over 16 years. People are not allowed to purchase more than 2 homes and companies/corporations are not eligable for this scheme and therefore are not allowed to purchase these properties. 
II. All these purchases shall be dealt with by the State councils and State housing authorities and all money shall be used to help build a new wave of more modern housing and buildings. 
III. Before all houses are sold they must first undergo a housing survey to ensure that they are up to a liveable standard and are safe for the resident to remain in. If any defects or issues are found a surveyor shall price up the cost of the repairs and that cost shall be removed from the sale price of the home. 
IV. A tenant can secure the purchase of their home with a 5% deposit and can enact a payment plan that shall be worked out in conjunction with their local housing official and during this time the tenant has the full right to cancel the purchase of their property and any money that has been paid towards it shall be retained by the state government and taken off their future rental bills.
Category:The Institute of Laws and Regulations