Communities Minister Carál Ní Chuilín has allocated £10million 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.