Co-Ownership Housing Scheme Get Financial Boost

The Northern Ireland co-ownership housing scheme is to get £48m in new funding. The extra funding, which was announced today and has been provided by the Bank of Ireland and Barclays, will enable the scheme to build 15,000 affordable homes for first-time buyers over the next three years.

Co-ownership Housing Chief Executive Alan Crowe said it was an exciting arrangement which offered people the opportunity to own their own home. "At just £23,571 the typical Co-Ownership first time buyer income is two thirds the Northern Ireland average."

Co-ownership helps people who cannot afford to buy their own home outright get onto the property ladder. In March 2008, the scheme was forced to stop accepting new applications for a short time as demand for the scheme outstripped its then budget of £15m.

Again in May 2009 demand for the scheme exceeded the available budget and consequently Co-Ownership Housing announced a "draw" system for aspiring first time buyers. There is a quota on the number of applications the scheme accepts per month. This "draw" was designed to give all those who apply within the qualifying period a fair chance of having their application considered.

Co-Ownership has been running since 1978 and has helped more than 20,500 households to purchase the homes of their choice through shared ownership.

Further information on the quota system as well an information on how to apply to the scheme can be found at www.co-ownership.org