Introduction
In response to the housing needs of young people through sharing of social capital, Tung Wah Group of Hospitals introduced Fortune Loft Co-Living Space to provide an affordable living place and platform at a renovated tenement building located at the junction of Fuk Tsun Street and Lime Street.
How does it work – Co-living Model
- Rooms shared with 2-3 tenants
- Shared public area - including kitchen, washroom, living room, rooftop etc.
- Co-responsible for housekeeping, sharing of skills and supporting each other
Objectives
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To provide an alternative living option to young people
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Apart from providing affordable living place, we also encourage them to share and support each other.
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To encourage young people to save and thus become a habit, so that they can prepare for the future.
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To build a sense of belonging of neighborhood to the living community.
Target: Working youths aged 18-30 who with housing need
The following criteria need to be fulfilled before applying
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Hong Kong Permanent Resident between 18-30 years old
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Monthly income below HK$26,000, personal assets valued below HK$390,000, and does not own or partly own any property.
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Acknowledges and agrees to the “Co-living” model and willing to share skills and information, support each other, also participate in the good neighbor scheme and the saving scheme.
Project Highlights
Saving Scheme
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We encourage our tenants to set up a monthly saving plan and financially match it with an agreed proportion.
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The proportion would be 3:1. For example, if the participant is able to save HKD300, we will match HKD100. The maximum amount we will match up to HKD1,200 per month, which will be released at the end of the scheme.
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Eligible tenants are required to deposit the amount to a designated account and submit the monthly bank statement for our record. The tenants will not get any matching grant if for any reason the amount has not been saved to the account.
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Tenants are required to notify our staff in case of emergency that the saving needs to be withdrawn, such as unemployment, medical needs or etc.
Good Neighbor Scheme
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To encourage our tenants to contribute to the neighborhood so as to increase the sense of belonging, everyone is required to participate in the ‘Good Neighbor Scheme’ (minimum 30 service hours per year).
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It includes visiting the elderly in our neighborhood, assisting maintenance, organizing neighbor gathering activities, cultural activities and promoting the co-living idea.
Assessment Mechanism
40% for whether applicants can co-live with others
- Agree on the “Co-living” model
- Ability to self-managed and self-disciplined
- Ability to emotional control
- Ability to social skills
20% for how much needs for housing of the applicants
- The urgency to move out
- The relation with family/housemate
- Support network by friends and family
20% for the level of support and contribution applicants can participate
- Agree on the good neighbor scheme
- Agree to participate in it for at least 30 service hours per year
- Provide feasible plans for neighbor support
20% for the personal goal setting of the applicants
- Ability of financial management
- Practicability and feasibility of personal goals
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