The Housing Authority has announced significant changes to the White Form Secondary Market Scheme (WSM) for 2024. Applications will open on March 7 and close on March 26. This year, the scheme's quota has been increased by 1,500, bringing the total number of available places to 6,000. The expanded quota aims to provide more opportunities for young applicants under 40 years old, as well as general family and individual applicants. Eligibility criteria remain consistent with the Home Ownership Scheme Flats 2024, focusing on income and asset limits. The selection process through balloting is scheduled for the second quarter of 2024, with approval letters expected to be issued in the third or fourth quarter.

Increased Quota Focuses on Younger Applicants

The boost in quota primarily targets younger individuals and families. Out of the 6,000 total places, a substantial portion—1,350—are reserved for young families, while 150 are allocated for single young adults. This adjustment reflects the authority's commitment to addressing the housing needs of younger generations. Additionally, the remaining 4,500 quotas cater to general family and one-person applicants, ensuring broader access to home ownership opportunities across different demographics.

To further support younger applicants, the Housing Authority has introduced specific measures within the WSM 2024 framework. By setting aside 1,500 out of the 6,000 total quotas for those under 40, the initiative aims to alleviate some of the financial pressures faced by this age group. The allocation includes 1,350 spots for young families and 150 for single young adults. This strategic distribution acknowledges the unique challenges younger individuals encounter in securing affordable housing. Moreover, it aligns with broader policy goals of fostering generational equity in home ownership.

Eligibility Criteria and Application Process

The eligibility requirements for the WSM 2024 adhere to the established standards set for the Home Ownership Scheme Flats 2024. Family applicants must not exceed a monthly income of $60,000 and have assets capped at $1.23 million. Single applicants face stricter limits, with a maximum monthly income of $30,000 and assets capped at $615,000. These criteria ensure that the scheme remains accessible to those who genuinely need assistance in achieving home ownership. Property ownership restrictions also apply, disqualifying applicants who own domestic properties in Hong Kong.

The application process for the WSM 2024 is straightforward and time-bound. Interested parties can submit their applications from March 7 to March 26. After the submission period, the balloting process will commence in the second quarter of 2024. Successful candidates will receive approval letters in either the third or fourth quarter of the same year. This structured timeline provides clarity and predictability for applicants, allowing them to plan accordingly. By adhering to these rigorous criteria and a transparent timeline, the Housing Authority aims to ensure fairness and efficiency in the allocation of home ownership opportunities.