SDLP Foyle MLA Mark H Durkan
Mr Durkan also raised findings from his recent Assembly Question to the Department for Communities, which highlighted Foyle as one of the lowest areas of uptake.
The Foyle MLA said: “Last week, I met with the CEO of the NI Co-Ownership Housing Association, Mark Graham, to discuss their work helping first-time buyers and others returning to the housing market to purchase a home up to the value of £165,000.
“Co-ownership can help people who would otherwise struggle to secure a mortgage on their own, something of particular importance now as banks require even larger deposits as a result of the pandemic.
“Following a response to my Assembly Question on co-ownership, I wanted to determine and gain insight as to why the numbers of applications and completions were much lower in Foyle and generally across the North-West than in other parts of the North, given our high levels of housing need.
“The findings provided by the Department for Communities, highlight Foyle, East Derry and West Tyrone whereas the concentration of completions very much appear to be in the Greater Belfast area.
“While I acknowledge that lack of awareness may have a part to play, I feel that in order to tackle growing housing need and the exponential growth in the private rental sector here, we must focus on any opportunity that will support people to become homeowners.
“In addition, the Department has bid for £13 million for a Covid-19 stimulus fund for first-time buyers to be channelled through NI Co-ownership Housing Association.
“This would facilitate the purchase of 500 additional homes and aims to enable a broadening of criteria to assist applicants affected by banks’ requirement for higher deposits during the current crisis.
“It is crucial people in the North West are given their fair share to this funding which is why I hope to provide an opportunity to inform and raise awareness on co-ownership.
“Co-Ownership are also keen to see more applications from the North-West and have agreed to come to Derry to hold an event to meet interested applicants as soon as guidelines allow.
“I look forward to facilitating that visit and will keep people updated going forward.”
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