Help for people on low incomes to buy homes

Release Date:  04-Aug-2008

Nearly 30 families or single people on a low income will be able to buy their own homes as part of a major programme to help people on the Council’s housing register afford to buy property.  The two schemes are funded by Bristol City Council using money received from local developers.

Under regulations developers who apply for planning permission also have to provide some affordable housing. This is usually by building it themselves but in certain circumstances they can provide a commuted sum to the Council. The Council has received £4.6 million over the last eight years for this purpose. Under the commuted sums funding programme, £3.9 million of this has been made available to housing associations to build or acquire affordable homes.

“We have helped housing associations make affordably priced properties available to people on the Council’s housing register on a low income to buy and to rent.  These have been throughout the city, usually where the private developments have been built,” said Cllr Judith Price, Cabinet Member for Homes and Streetscene.

Under the current schemes:

•  £122,000 has been granted to Aster Housing Group to enable them to acquire and convert a property in Brighton Street to a four bedroomed house and a two bedroomed flat.  People wishing to buy, who must come from the St Paul’s area, need only pay 40% of the value of the property.  The housing association will retain 60% of the equity but charge no rent.  This will make the properties affordable to households with an income of  £15,000 - 18,000.
•  A £310,000 grant has been made to Knightstone Housing Association to be combined with £800,000 from the Housing Corporation to enable twenty-one, two and three bedroomed flats to allow local people again having to buy only forty percent of the equity.

“By contributing to these schemes and to others in other parts of Bristol the Council is making a difference to people who otherwise would not be able to buy their own homes,” said Cllr Price.

More information on affordable home ownership opportunities across Bristol can be found at www.homebuy-southwest.co.uk

Author:  Catherine Frankpitt/Vicky O'Loughlin

For all media enquiries relating to this press release, please contact Corporate Communications on 0117 922 2650.

To link to this page directly, use the URL
http://www.bristol.gov.uk/redirect?oid=PressRelease-id-27408008

Subscribe to our free email bulletin service and get the latest news and information about consultations and events happening in the city - www.bristol.gov.uk/newsdirect