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Northern Ireland government hands ownership-focused housing association £145m
Northern Ireland’s government has handed a £145m funding package to a homeownership-focused housing association.
Communities minister Carál Ní Chuilín said the funding will allow Co-Ownership to help 4,000 people onto the housing ladder over the next four years.
The cash injection was made possible after the Office for National Statistics this month finally confirmed its decision to class housing associations in the region as private bodies for accounting purposes, meaning Co-Ownership is eligible to receive Financial Transactions Capital funding.
It follows the association reporting a huge surge in applications for its shared ownership products since the end of the first coronavirus-induced lockdown earlier this year.
The increase in demand for Co-Ownership’s services is thought to be linked to lenders withdrawing low-deposit mortgage products in reaction to the economic impacts of the pandemic.
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Ms Ní Chuilín said: “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 homeownership for some of those who would otherwise be unable to purchase their own home.”
The funding includes £10m handed to Co-Ownership in June 2020. It is expected to supplement the money with £97m raised through private finance.
Co-Ownership is the Department for Communities’ main direct delivery partner for affordable housing, with most other housing associations in Northern Ireland primarily funded through grant allocated by the Northern Ireland Housing Executive.
The association has helped more than 29,000 people buy a home since it launched in 1978. It currently owns a stake in 9,000 homes across the region.
Mark Graham, chief executive of Co-Ownership, said: “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 homeownership.”
