Hong Kong is renowned for its extensive public housing program. Since 1973, the restructured Hong Kong Housing Authority (HA) has had the overall responsibility for building, allocation and managing public housing. In the past decades it has performed its tasks with great success. However, in recent years it has met with serious challenges due to economic downturn and changes of aspirations to housing among the people of Hong Kong. Therefore, it will be of value to review the financial arrangement of HA and its predecessors over the past 50 years to provide insights to the future of HA. This paper will analyze three aspects of HA’s financial arrangements.