Affordable social housing
The Social Development Minister Margaret Ritchie has announced that social housing tenants will now be able to buy a share of their home, providing they have had a five year tenancy.
A 25 percent initial payment will be required, unlike the 100 percent which was required previously. The new owners will be allowed to purchase 100 percent of the property overall, but will only be allowed to make increment of 5 percent, with a discount of up to £24,000.
This new scheme will allow social housing tenants to get on to the housing market, something they may not of been able to do previously.
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January 07th 2009