News
PWC appointed on funding
Monday 19 May 2008
Co-Ownership Housing® today announced the appointment of PricewaterhouseCoopers as specialist advisers to assist in securing an innovative funding platform designed to deliver the Government’s targets on Co-Ownership homes.
Chief Executive Alan Crowe said,
“We are delighted to make this appointment. It is essential for us, in order to maximise support for people who want to get on the first rung of the housing ladder, to put in place a suitable funding model moving forward. Public funding will continue to be provided by the Department for Social Development but in order to deliver on our targets for 2008/09 we will need to use our borrowing capability to access additional, private, funding.”
“Thank you to everyone for bearing with us during what has been an anxious few weeks for everyone involved, most especially the people who currently have applications with us.”
“Co-Ownership Housing® has been here for thirty years, helping people to buy their homes. There has been an unprecedented surge in demand for Co-Ownership over the past year. Unfortunately this has forced us to take no new applications for now. We are under pressure to open for new applications, but our first priority is the people who currently have applications with us. There are some 258 households who are hoping to purchase a home through Co-Ownership for whom funding is not currently in place and for whom we will continue to do all we can to borrow the money needed. We have been in contact with each one and will continue to keep them updated as the situation unfolds.”
“The Minister for Social Development, Margaret Ritchie, has helped us with our borrowing plans, and this is very welcome support.”
Mr Crowe stated
“This counteracts any perception that Social Development Minister Margaret Ritchie cut funding to Co-Ownership Housing®. Minister Ritchie has been hugely supportive of Co-Ownership since she took up office and has substantially increased the funds available. Indeed, last year with the Minister’s help, the number of co-owners increased by around 30%.”
Mr Crowe added that Co-Ownership Housing® was totally committed to delivering on the Co-Ownership elements of the Minister’s New Housing Agenda.
Contact numbers for information from Co-Ownership Housing® are 0800 333 644 and 9032 7276.
ENDS
NOTES
1. DSD has made housing grant of £15m available for Co-Ownership purchases during the 2008/09 financial year, and has indicated plans to fund the scheme at a level of at least £15m for each the next two successive years (2009/10 and 20010/11).
2. 935 homes were purchased through Co-Ownership in the 2007/08 financial year, at an average price of £170,000. To date in the current financial year purchases have already completed for some 125 homes. A further 142 purchases are in conveyancing and may therefore complete in the early part of the year.
3. Co-Ownership Housing® has appointed PricewaterhouseCoopers Corporate Finance Division in Northern Ireland to assist in securing the funding platform.
