Introduction
In response to the housing needs of young people through the sharing of social capital, the Tung Wah Group of Hospitals introduced the Fortune Loft Co-Living Space to provide an affordable living environment and platform in a renovated tenement building located at the junction of Fuk Tsun Street and Lime Street.
How does it work – Co-living Model
- Rooms are shared with 2-3 tenants
- Shared public area include the kitchen, washroom, living room, rooftop etc.
- Co-responsible for housekeeping, sharing of skills, and supporting one another
Objectives
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To provide an alternative living option for young people
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Apart from providing affordable living space, we also encourage residents to share and support each other.
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To encourage young people to save and establish good saving habit to prepare for the future.
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To build a sense of belonging within the neighborhood and the living community.
Target: Working youths aged 18-30 who have housing needs
The following criteria need to be fulfilled before applying:
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Hong Kong Permanent Resident aged between 18-30 years old
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Monthly income below HK$28,000, personal assets valued below HK$398,000, and does not own or partly own any property.
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Acknowledges and agrees to the “Co-living” model, be willing to share skills and information, support one another, and 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 savings plan and will financially match it at an agreed-upon proportion.
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The matching proportion would be 3:1. For example, if a participant saves HKD300, we will match HKD100. The maximum amount we will match is 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 their saving into a designated account and submit the monthly bank statement for our records. Tenants will not receive any matching grant if, for any reason, the amount has not been saved in the account.
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Tenants are required to notify our staff in case of an emergency that necessitates the withdrawal of savings, such as unemployment or medical needs.
Good Neighbor Scheme
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To encourage our tenants to contribute to the neighborhood and to increase the sense of belonging, everyone is required to participate in the ‘Good Neighbor Scheme’ (minimum of 30 service hours per year).
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Participation includes visiting the elderly in our neighborhood, assisting with maintenance, organizing neighborhood gatherings, cultural activities, and promoting the co-living concept.
Assessment Mechanism
40% for Applicants' Ability to Co-live with Others
- Agreement with the “Co-living” model
- Ability to self-manage and maintain self-discipline
- Emotional control
- Social skills
20% for Applicants' Need for Housing
- Urgency to move out
- Relationship with family/housemate
- Support network by friends and family
20% for Level of Support and Contribution Applicants Can Provide
- Agreement to participate in Good Neighbor Scheme
- Commitment to complete at least 30 service hours per year
- Provision of feasible plans for neighbor support
20% for Personal Goal Setting of Applicants
- Financial management
- Practicability and feasibility of personal goals
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