Facts & History of Housing Authority
Established by an Act of Parliament in 1955, The Housing Authority became an operating entity in 1958. The Authority began operation with the development of rental flats and progressed into the development of lots and the designing and building of homes.
In 1996, Housing Authority was declared a Commercial Statutory Authority and is now required to provide returns to Government. The Authority moved away from the designing and building of homes to concentrate on the production of land lots and the provision of financing in 1997.
With the initial vision to provide affordable housing for low-income earners in urban centers who could otherwise be unable to secure a permanent residence for themselves, the Authority has in recent years expanded its services to include mortgage financing for middle to high-income earners.
Purchase and Home Improvement Loans.
Small Program to build small units.
Rental accommodation provided.
To provide temporary accommodation for those who could not afford loans.
Production and sale of serviced sites.
- 17,000 families (34% of urban population) benefited from housing programs.
- HA produced about 830 serviced sites. 700 mortgages. 1800 rental flats.
- New policy statement adopted by Board and Government.
- Public rental board separation.
- Loan agreement signed between Housing Authority, Government, world
Bank and Asian Development Section.
- Out-sourced functions of the Planning and Development section.
- Reduction of interest rate from 11.5% to 6% for all customers earning below $6,500 annually.
- Special “Assistance Scheme” to help HA customers who have lost their jobs or reduction in May crisis.
- Refinanced expensive loans.
- Moving on Package launched with initial Interest rate of 5.99%.
- Implementation of more intensive and proactive management controls and introduction of Credit management unit.
- Celebrated 45 years of Service.
- Launching of Sapphire Package with initial rate of 4.45%.
Highlights of 2002/2003 Year:
- The moving on package with its 5.99% first year interest rate proved to be a major success in 2002.
- Total loan provided under this package amounted to $29 million.
- The mortgage portfolio grew by 10.6% in 2002 and 875 customers were able to make their accounts good.
- On 3rd October 2002 Parliament approved the conversion to government equity of the $44 million owned moving the Authority from a negative equity position of $3.4 million in 2001 to a positive equity position of $38 million in 2002
- The Authority is in the process of designing major subdivisions at Waqadra in Nadi and Housing City in Suva
- HA recorded a surplus of $2.7 million. HA awarded Waila 3B project to BW Holding Limited for the development of 466 fully serviced lots.
- HA launched the sale of 421 residential lots at its Field 40 sub-division in Lautoka.
- Waila 3B sub-division completed, comprising of 466 lots. Most of the lots were allocated resettle squatters.
- Despite a downturn in the economy Housing Authority recorded an operating profit of $0.583 million.
- 50 years of Housing in Fiji. Land and Housing Development Unit was re-established
- Opening of the newly renovated Valelevu House