£35m funding package announced
Monday 6 October 2008
Social Development Minister Margaret Ritchie today welcomed the £35m private finance deal secured between Co-Ownership and the Bank of Ireland.
Alan Crowe, Co-Ownership's Chief Executive said:
“This is great news for people who have been waiting and hoping that we could raise private funding, and for the additional 200 or more people we can now help this year, who would not be able to own a home otherwise.”
“Minister Ritchie and her Department have been a great support throughout this process. The Minister’s New Housing Agenda is creating a culture of diversity and a willingness to explore new solutions and Co-Ownership is delighted to play its part in that Agenda. Today’s announcement is about big numbers with a big impact on peoples’ lives.”
Revealing the special package that’s being put in place for these 200 homes, Alan said:
“There will be a property cap of £175,000 just for these homes removing them from realm of stamp duty, which is advantageous for the cash strapped buyer. There will also be three starter share options of 50%, 62.5% and 75% (the 50% option is the most popular choice among Co-Ownership buyers).”
“With the recent adjustments in the housing sector there are now more people who can afford to come into the market at that level through Co-Ownership, and we are expecting considerable interest. We are putting the people who have been waiting with us first, and before we start to take in applications for the special package in November. From then on we will be working on a first come, first served basis until all of the special funding package is allocated.”
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.“
For more details please check out the Co-Ownership website on www.co-ownership.org or telephone freephone 0800 333 644.
ENDS
