Issue link: https://maltatoday.uberflip.com/i/1257572
12 maltatoday | WEDNESDAY • 10 JUNE 2020 OPINION FROM the moment I was en- trusted with the responsibility of looking after our nation's housing sector, I have had one ultimate goal in mind – that of helping Maltese families and making a real difference in their lives. I did not want to do this by simply encouraging more dependence on govern- ment aid and social benefits. This would have been simple enough, but such measures are merely short-term solutions which leave no lasting bene- fit to our nation. Instead we have adopted a strategy of giv- ing people the tools they need to grow and move forward on their own. This has been the thought process behind many of the schemes and projects that we have implemented within the housing sector over the past few years. Our Equity Sharing scheme, for instance, is helping many individuals over the age of 40 to become homeowners,, while the rent reform regula- tions which we launched so successfully at the beginning of this year have ensured that there is a true and viable alter- native for those families who choose to rent in a specific mo- ment in time. Each of these projects were specifically crafted with the aim of creating an environment in which Maltese families can grow and flourish. Instead of simply providing housing, we have made it possible for large sections of society to purchase or rent their own accommoda- tion. Now, we are continuing on our mission by looking to help yet another crucial section of our society – our youth. For years, we have been hearing of the issues that many Maltese and Gozitan youth are facing in their search for their first home and, as a government that lis- tens and responds to the needs of the people, we have taken action to provide support for these members of our society so that they too may be able to purchase their first property. Nowadays, more than ever, many of our youth are investing more of their time in further- ing their studies and continu- ing their education. As a result, although they may find good jobs, many of them do not have the cash in hand to cover the 10% deposit which is required when purchasing a property, even if their financial situation means that they are eligible for a bank loan. Now, thanks to the Home Deposit Scheme that we have just launched, this prob- lem will be one consigned to the past for the beneficiaries. This new scheme will see the government lending up to €17,500 to first-time buyers under the age of 40, so as to cover the 10% deposit on prop- erties which do not exceed the price of €175,000. This loan will be carried out in collaboration with APS bank and Bank Of Valletta, but the government will also be cov- ering the interest payments on the 10%loans since our aim is to decrease the burden on the backs of young families, rather than add more weight. The beneficiaries of this scheme will be able to pay back their loans over a maximum period of 25 years. However, we are also offering incentives and benefits to those who work diligently and are able to repay their loans in a shorter amount of time. As a result, those re- cipients who repay their dues within 5 years will benefit from a 5% discount, while those who are able to pay the loan back within 10 years will re- ceive a 2% discount on the loan amount. In this way, this government, as it has always done, will be rewarding those who work the hard, because we feel that such efforts should be recognised and appreciated. The Home Deposit Scheme is one which will be targeting a wide strata of society since it will be open to all individu- als between the ages of 21 and 39 who meet the eligibility re- quirements. In the case of single people aged between 21 and 30, this means that they must have a gross income of between €19,000 and €25,000 per an- num, while single people be- tween the ages of 31 and 39 need to have a gross annual in- come that ranges from €25,000 to €35,000. Meanwhile, couples who apply for this scheme to- gether must both be within the age range of 21 to 39, and need to have a joint gross income that is not less than €19,000 and not more than €35,000. Additionally, no applicant can be in possession of capital assets that exceed the sum of €17,500, since this incentive is intended to help those who are not yet in a position to truly help themselves. As the eligibility requirements and terms of repayment show, this is no mere government hand-out, but is instead a way for us to help those who have diligently invested time to fur- ther their own education and training, and are now finding themselves at a disadvantage in the housing market. After all, no one deserves to fall behind, especially not those who have worked the hardest, and we as a government are committed to making sure that that will never happen. Moreover, as I mentioned earlier, we are not interested in merely encouraging more social dependence. Instead, we are helping Maltese families to help themselves by removing the obstacles in their path, and giving the tools they require to succeed. After that, it is thanks to their own hard work and diligence that they will achieve results. With the introduction of this Home Deposit Scheme, we have covered the majority of the blind spots within the housing sector, and are now truly approaching this field in a holistic manner. This is be- cause this endeavour will not be replacing any current, ongo- ing scheme, but will be active alongside all the other schemes and benefits that we are offer- ing. In this way, we are making sure that we can address the needs of all the members of our society, providing aid and solutions irrespective of their age, socio-economic condition, or whether they are looking to purchase property or rent it. I feel that one of the duties of any government is to ensure that the country's youth remain optimistic about their, and the country's future. After all, they themselves are our future, and we have a responsibility to lis- ten to their needs, and address them, as opposed to remaining passive or silent in the face of their concerns. With the launch of this scheme, we have done precisely that. Now, our nation's youth can continue to work hard and persevere, knowing full well that we will always be right be- hind them and ready to help whenever they need us. Roderick Galdes Roderick Galdes is Minister for social accomodation Investing in our youth