Communities Minister Carál Ní Chuilín has allocated £10m to enable Co-Ownership to reopen to new customers.
Co-Ownership is the Department’s main delivery partner for affordable housing. It offers people the opportunity to enter home ownership through its products Co-Own and Rent to Own.
Co-Ownership paused the processing of new applications on 24 March 2020 due to the impact of COVID-19.
The news follows the Communities Minister’s confirmation that the housing market can reopen with safety measures in place.
Minister Carál Ní Chuilín said:
“Reducing housing stress and increasing supply are key policy objectives. This is the case across all tenures so I very much support the work of Co-Ownership in providing the opportunity of home ownership to so many people here.
“Co-Ownership, through support from the Department, has assisted over 29,000 people to own their own home. It has increased the opportunities for many including first time-buyers, and those returning to the market, who are in employment, but cannot access sufficient housing finance in the mortgage market.
“This £10m investment from my Department will enable the scheme to open again to new customers who are interested in exploring Co-Ownership as a route to home ownership.”
Chief Executive of Co-Ownership Mark Graham added:
“We welcome the Department’s investment which has allowed us to reopen to new applications. Co-Ownership has been helping people into affordable home ownership since 1978, and this vital support from the Department allows us to open with immediate effect, supporting a backlog of potential applicants and their future home ownership aspirations.”
Anyone interested in finding out more about Co-Ownership can visit co-ownership.org or call 028 9032 7276.
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.
- Co-Ownership paused the processing of new applications on 24 March 2020 due to the impact of COVID-19.
- The Communities Minister is currently taking important legislation through the Assembly which will once again open up the funding stream of Financial Transaction Capital for Co-Ownership. This will enable the Department to confirm Co-Ownership’s longer term funding position shortly.
- 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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