£40m Kick Start for Co-Ownership
Monday 24 October 2011
The NI Executive has today announced that it is working with local banks to inject more funding into Northern Ireland's Co-Ownership scheme.
The news came as part of the October Monitoring statement in the Assembly.
The Executive will be making an additional £10m annually available to the Co-Ownership scheme for this financial year and also for the following 3 years. This funding is committed alongside support from local banks and building societies, who are providing the matching mortgage funds for prospective homebuyers.
Welcoming the news Alan Crowe, Co-Ownership's Chief Executive, said:
"This a major vote of confidence in Co-Ownership and a very welcome boost for the local economy. Thanks to this marvellous and unprecedented support from the public and private sectors working together we can now expand our affordable home ownership programme to deliver 600 homes each year for the period of the extra funding."
"Properties today are highly affordable, and now more mortgages are available for people to buy them with the help of Co-Ownership. Our role as always is to bridge the affordability gap between renting and home ownership. Now we can make this happen for even more local home buyers."
Co-Ownership Housing already has grant funding of some £15m annually in place for this financial year and the next 3 years up to 2014/2015. This funding on its own delivers 425 homes each year.
For more information contact Co-Ownership Housing at www.co-ownership.org or call the information line on 028 9032 7276.
