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01/11/2012
£50m Secured For Housing Funding
A Northern Ireland housing association has announced it has secured £50m to help buyers take the first step on the property ladder.
Barclay’s Bank and Bank of Ireland have announced they will each be providing £25m for private investment through Co-Ownership Housing over the next three years.
Co-Ownership Housing is a registered housing association and Northern Ireland’s regional body for shared ownership. It has been operating since 1978.
The Co-Ownership scheme is aimed at people who are struggling to afford to buy a home.
The scheme works by allowing purchasers to buy a share in a property which could amount to anything from 50% to 90%.
Every case is assessed individually and all properties are subject to valuation before purchase.
The news was welcomed by Social Development Minister Nelson McCausland.
He said: "The provision of good quality, affordable housing is a key priority of the Executive. Through the Co-Ownership scheme, government and the private sector are working together to facilitate a better future for those who want a stepped approach into home ownership.
"Last year, along with my colleague Finance Minister Sammy Wilson, I was able to announce £100m funding for Co-Ownership until 2014/15. Together with this private investment announced today, some 2,500 homes will be able to be purchased, mainly by first time buyers, over the next four year period.
"I would encourage those who can, to consider availing of this new funding package."
(IT/GK)
Barclay’s Bank and Bank of Ireland have announced they will each be providing £25m for private investment through Co-Ownership Housing over the next three years.
Co-Ownership Housing is a registered housing association and Northern Ireland’s regional body for shared ownership. It has been operating since 1978.
The Co-Ownership scheme is aimed at people who are struggling to afford to buy a home.
The scheme works by allowing purchasers to buy a share in a property which could amount to anything from 50% to 90%.
Every case is assessed individually and all properties are subject to valuation before purchase.
The news was welcomed by Social Development Minister Nelson McCausland.
He said: "The provision of good quality, affordable housing is a key priority of the Executive. Through the Co-Ownership scheme, government and the private sector are working together to facilitate a better future for those who want a stepped approach into home ownership.
"Last year, along with my colleague Finance Minister Sammy Wilson, I was able to announce £100m funding for Co-Ownership until 2014/15. Together with this private investment announced today, some 2,500 homes will be able to be purchased, mainly by first time buyers, over the next four year period.
"I would encourage those who can, to consider availing of this new funding package."
(IT/GK)
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