This will enable Co-Ownership to help more people onto the property ladder. The funding, which totals £35million, has been made available following negotiations with the Bank of Ireland.
The minister 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.”
Alan Crowe, Chief Executive of Co-Ownership Housing Association, added: “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.
“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.”
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.”
Notes to Editors:
- The Northern Ireland Co-Ownership Housing Association, which has provided some 20,500 homes through Co-Ownership in Northern Ireland, has been unable to take in any further applications since March 2008 due to rapid take up of the scheme’s available funding.
- This funding (up to £35million) has been made available by the Bank of Ireland, which has provided banking services to Co-Ownership Housing since its inception, and is in addition to the current year’s grant of £15m from the Department for Social Development.
- Applications for the funding package will be taken on a first come, first served basis until the funding is allocated. Terms and conditions apply for eligible applicants.
- All properties are subject to contract and title, and a surveyor’s inspection for condition and market value.
- During the 2008/2009 financial year, so far, over 300 homes have completed or been scheduled to complete through Co-Ownership.
- This public/private funding package is a positive first step in a longer term sustainable public/private funding strategy for Co-Ownership, the details of which are under negotiation and expected to launch in 2009.
- Media enquiries to DSD Information Office on 028 9082 9000, or out of office hours please contact the EIS Duty Press Officer on pager 07699 715440.
