§ Mr. Harold Davies
asked the Minister of Housing and Local Government and Minister for Welsh Affairs how much money has been advanced by Her Majesty's Government to non-profit-making housing societies under the terms of the 1961 Housing Act; at what current rates of interest these loans are made; and how they compare with similar loans where low rates of interest are charged for public housing.
§ Sir K. Joseph
On 29th July the total estimated cost of approved schemes was106W about £9.9 million and advances of £715,076 had been made. Under Section 7 of the Housing Act, 1961, the rate of interest charged is the rate prevailing at the time of the advance for loans for the same period made by the Public Works Loan Board to local authorities. The present rate of interest for a 60-year loan is 5¾ per cent.