The Housing Society and the Urban Renewal Authority (URA) signed a Memorandum of Understanding (MOU) on 12 December 2002 to enter into a long-term strategic partnership for the implementation of urban renewal projects. Under the MOU, the Housing Society will initially focus on seven projects clustered in Sham Shui Po and Shau Kei Wan and will undertake to implement them in line with existing policies of the URA. While URA retains the statutory responsibilities for urban renewal under the URA Ordinance, the Housing Society will undertake the acquisition of properties required for the project, rehousing of tenants affected and the subsequent construction and the disposal of the new buildings at the site. It will also be responsible for all costs involved as well as the financial outcome of the projects. Among other things, the Housing Society will follow the URA's existing practice of providing professional service with social service teams to take care of the needs of the aged residents and others who may be in need of special care and help as a result of the implementation of a project.