Poll: £40k help for home buyers
PUBLISHED: 11:56 24 June 2015 | UPDATED: 12:23 24 June 2015
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Council tenants could get up to £40,000 towards the cost of a new home after the proposal was given the go-ahead last night.
The pilot scheme, approved at a meeting of Barking & Dagenham cabinet, is open to residents on estates up for renewal in the borough, such as the Gascoigne Estate.
The £1.2m funding from central government will be ‘topped up’ with the existing estate renewal budget of £400,000, to create 40 cash incentive payments of £40,000.
These will be initially targeted at those most eligible – for example older residents or those wishing to stay in the borough – as the council assesses how popular the proposal is likely to be.
“It’s a good scheme for the council and a good scheme for residents,” said leader Darren Rodwell.
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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