07/10/2008
£35m Cash Boost For NI Co-Ownership
Northern Ireland's co-ownership scheme has received a major cash injection, which could help almost 200 first time buyers get on the property ladder by March next year.
Housing Minister Margaret Ritchie (pictured) has welcomed the private backing from Bank of Ireland, which totals £35m. She said that agreement was reached after negotiation between the Department of Social Development and the bank and that the move signals a revival of the co-ownership scheme, which faltered earlier this year due to a lack of funding, resulting from increased demand.
Minister Ritchie said: "This is excellent news for people trying to get onto the housing ladder.
"The funding will ensure that the Co-Ownership Housing Association will deliver the Programme for Government’s target of 500 affordable houses this year."
Co-Ownership Housing Association Chief Executive, Alan Crowe, said: "The reality of household budgeting these days is that home ownership has not been an option for a growing number of people who simply cannot afford the up front costs.
"We are all aware that there are many demands on government money at the moment for people who need help to buy, and we are delighted to be able to help through accessing this private finance."
However, Mr Crowe stressed there was a cap on the available funds.
"As always, there is a limit to available funding and £35million is all we have.
"Applications in the pipeline will be dealt with first, although I'm optimistic that a further 200 applications can also be processed by 31 March 2009, thus allowing us to meet this year's Programme for Government target.
"This borrowing is the first step, a pioneer if you like, with hopefully a long term public/private financing strategy to follow for Co-Ownership homes in 2009 and beyond," he added.
Michael Kidd, Head of Business Banking, Bank of Ireland Northern Ireland said: "Bank of Ireland is delighted to provide this level of support at what is a difficult time for the local housing market.
"The Co-Ownership model has been proven over many years and we are pleased to be supporting affordable housing by making these funds available to Co-Ownership."
(PR/JM)
Housing Minister Margaret Ritchie (pictured) has welcomed the private backing from Bank of Ireland, which totals £35m. She said that agreement was reached after negotiation between the Department of Social Development and the bank and that the move signals a revival of the co-ownership scheme, which faltered earlier this year due to a lack of funding, resulting from increased demand.
Minister Ritchie said: "This is excellent news for people trying to get onto the housing ladder.
"The funding will ensure that the Co-Ownership Housing Association will deliver the Programme for Government’s target of 500 affordable houses this year."
Co-Ownership Housing Association Chief Executive, Alan Crowe, said: "The reality of household budgeting these days is that home ownership has not been an option for a growing number of people who simply cannot afford the up front costs.
"We are all aware that there are many demands on government money at the moment for people who need help to buy, and we are delighted to be able to help through accessing this private finance."
However, Mr Crowe stressed there was a cap on the available funds.
"As always, there is a limit to available funding and £35million is all we have.
"Applications in the pipeline will be dealt with first, although I'm optimistic that a further 200 applications can also be processed by 31 March 2009, thus allowing us to meet this year's Programme for Government target.
"This borrowing is the first step, a pioneer if you like, with hopefully a long term public/private financing strategy to follow for Co-Ownership homes in 2009 and beyond," he added.
Michael Kidd, Head of Business Banking, Bank of Ireland Northern Ireland said: "Bank of Ireland is delighted to provide this level of support at what is a difficult time for the local housing market.
"The Co-Ownership model has been proven over many years and we are pleased to be supporting affordable housing by making these funds available to Co-Ownership."
(PR/JM)
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21 March 2025
£153m Funding Boost For Co-Ownership To Help 4,000 Households
Housing Minister Gordon Lyons has announced a £153 million investment in Financial Transactions Capital funding for Co-Ownership, aimed at assisting 4,000 households to purchase their own homes over the next four years, with 1,200 of those being new builds.
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11 November 2020
Thousands To Benefit From New Co-Ownership Funding Package
A new £145 million funding package has been secured to help thousands of people to afford to buy their own homes over the next four years, Communities Minister Carál Ní Chuilín. Co-Ownership is the Department's main delivery partner for affordable housing.
Thousands To Benefit From New Co-Ownership Funding Package
A new £145 million funding package has been secured to help thousands of people to afford to buy their own homes over the next four years, Communities Minister Carál Ní Chuilín. Co-Ownership is the Department's main delivery partner for affordable housing.
01 November 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.
£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.
18 March 2008
Co-ownership Closes Its Doors
Northern Ireland's Co-ownership Housing Scheme cannot cope with the growing number of people who want assistance in buying a home. Alan Crowe, Chief Executive of Co-Ownership Housing today announced that no new applications can be taken for Co-Ownership at this time due to funding shortages.
Co-ownership Closes Its Doors
Northern Ireland's Co-ownership Housing Scheme cannot cope with the growing number of people who want assistance in buying a home. Alan Crowe, Chief Executive of Co-Ownership Housing today announced that no new applications can be taken for Co-Ownership at this time due to funding shortages.
06 August 2015
Crumlin Social Housing Scheme Opened
A new social housing scheme of three and four bedroom houses has been officially opened in Crumlin. The fourteen new homes for families on the social housing waiting list, is owned and managed by Habinteg Housing Association who funded the build, with support from the Department for Social Development.
Crumlin Social Housing Scheme Opened
A new social housing scheme of three and four bedroom houses has been officially opened in Crumlin. The fourteen new homes for families on the social housing waiting list, is owned and managed by Habinteg Housing Association who funded the build, with support from the Department for Social Development.
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
