A £1.2 million partnership has been formed between West Oxfordshire District Council and Heylo Housing to provide up to 30 affordable homes over the next two years.
The programme will use £750,000 from Government-backed Oxfordshire Housing and Growth Deal funds and £450,000 from the council’s affordable housing fund which is supported by s106 money. The council’s cabinet approved the funding on June 17.
Heylo provides part-buy, part-rent shared ownership homes where applicants agree to buy a share of between 25 per cent to 75 per cent of a house and pay rent on the remainder. More shares can be bought in the property until it is owned by the resident outright. As the residents increase their level of ownership, funding is returned.
Cllr Jeff Haine, cabinet member for strategic planning, said: “Many people in West Oxfordshire can’t afford a mortgage outright so schemes such as this mean they can get on the property ladder more affordably.
“We will continue to work with companies such as Heylo Housing to offer as many residents the chance to own their own home as possible.”
Andrew Géczy, chief executive of Heylo, said: “Working with housing suppliers across the country, including more than 70 housebuilders and more than 100 local authorities, we have delivered more than 4,000 shared ownership homes.
“Our innovative approach makes home ownership accessible for aspiring homeowners by expanding the part-buy, part-rent opportunities available.”
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