Thousands To Benefit From New Co-Ownership Funding Package

A new £145 million funding package has been secured to help thousands of people to afford to buy their own homes over the next four years, Communities Minister Carál Ní Chuilín.

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."

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."