The policy on special fund for housing maintenance is a long-term mechanism which took shape after the commercialization of housing，to ensure that it is kept in normal and continuous use，in this sense it is also called “the pension of housing”. But such a good policy has been challenged by a range of problems in practice. The difficulties that perplex the special fund for housing maintenance include the deficiencies of the policy itself，as well as the outmoded way of administrative system，the reluctance of the house owners to take initiative，the transgression of the realty service providers，the poor alignment with relevant laws and regulations，etc. In consequence，this paper suggests improving the policy in three dimensions，viz. the vertical one，the horizontal one and the process，with a view to bringing into play its effectiveness and fairness for the creation of a harmonious，livable and sustainable living environment.