Communities Minister Carál Ní Chuilín is set to help 4,000 people to afford to buy their own homes over the next four years, thanks to a £145m funding package to Co-Ownership.
Co-Ownership is the Department’s main delivery partner for affordable housing. It is a housing association that provides people with the opportunity to own their own home through its shared ownership products Co-Own or Rent to Own.
The £145m funding injection from the Department for Communities follows a significant statement by the Minister on her plans to address challenges in our housing system including increasing quality and supply, across the social, affordable and private tenures.
Minister Carál Ní Chuilín said: “Last week, I set out in a major statement to the Assembly my plans to ensure that everyone has access to a good quality, affordable and sustainable home that is appropriate to their needs. As well as safeguarding and increasing social housing, and improving the safety, security and quality of the Private Rented sector, addressing housing need is also about ensuring we help people and families to own their own home if that is right for them.
“Co-Ownership remains a valued partner in delivering on this key objective, having assisted, with the support of my Department, over 29,000 people into home ownership. This allocation of £145m funding will enable many thousands more to realise their dream of owning their own home - 4,000 households over the next four years.
“I will make sure we have a suite of options to enable everyone to buy a family home if they so wish. This includes continuing to support these existing shared ownership products that have already helped so many.
“I am delighted that this funding will ensure that Co-Ownership can continue to provide an affordable route into home ownership for some of those who would otherwise be unable to purchase their own home.”
Anyone interested in finding out more about Co-ownership should visit the Co-ownership website.
Chief Executive of Co-Ownership, Mark Graham, added:
“We are delighted that the Department for Communities has made these commitments to Co-Ownership and we would like to thank Minister Ní Chuilín for the Department’s support throughout the next four years. Co-Ownership has been operating in Northern Ireland for more than 40 years and has supported over 29,000 home purchases to date. This funding will ensure that we are able to support even more people into home ownership.”
Notes to editors:
- The Co-Ownership Scheme has been operated by the NI Co-Ownership Housing Association since 1978. Co-Ownership is the Department’s primary mechanism for the delivery of intermediate homes and have helped over 29,000 people into home ownership. Last year it helped 1,100 people buy their own homes.
- Providing £145m in government funding equates to a total commitment of £551m. This is made up of the announced £145m funding, £97m from Co-Ownership private finance, and £309m from mortgage providers.
- The funding from the Department for Communities has only been possible after the Minister secured the reclassification of housing associations. The move once again opens up the important funding stream of Financial Transactions Capital.
- In June 2020 Co-Ownership received £10m from the Department, the £145m is inclusive of that amount.
- More information on the two main products of Co-Own and Rent to Own are available on the Co-ownership website
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