Council to consider £40k helping hand to buy your home
- Credit: PA Wire/Press Association Images
Plans to give council tenants up to £40,000 towards the cost of a new home will be put before councillors tonight.
Cabinet members will consider whether to give the thumbs up to the scheme, which would be open to residents living on estates earmarked for renewal, such as the Gascoigne Estate.
Cllr Saima Ashraf, deputy leader and cabinet member for housing, said: “If these plans are given the go-ahead we will be giving hope to people who could only dream of buying their own homes.
“It also means we will be able to free up around 40 places on the housing waiting list and give more local families a home.”
If agreed, the scheme would recieve £1.2 funding from the Government and £400,000 funding from the council.
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The £40,000 would not be paid directly to the tenants who qualify but through their solicitors at the time when they complete the purchase of a property. The tenant will also be required to provide proof that they can afford to purchase a property.
In the last four years the council has helped developers build 3.000 homes in the borough – with another 35,000 set to be built.
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