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WQ.202/2024
WRITTEN QUESTION TO THE MINISTER FOR HOUSING BY DEPUTY M.B. ANDREWS OF ST HELIER NORTH QUESTION SUBMITTED ON TUESDAY 28th MAY 2024 ANSWER TO BE TABLED ON TUESDAY 4th JUNE 2024
Question
“With regard to the First Step Assisted Home Ownership Scheme, will the Minister state –
- the total funding allocated to the Scheme to date and the amount that has been utilised; and
- the number of successful applicants to the Scheme?”
Answer
- £10 million of funding is allocated to the First Step assisted home ownership scheme. The funding will be made available to successful applicants in three rounds of applications running in February, June and September 2024.
£3.4 million was allocated to the scheme in the first round of applications.The successful applicants were notified by Andium Homes at the end of April,of which £3,290,836 has since been committed in principle to offering them equity loans.
This amount represents the estimated total value of funding that will be offered to the successful applicants based on the maximum property price threshold set out in the policy guidance. The successful applicants are currently going through the process of finding a suitable property, and it is likely that they will purchase properties below the maximum price threshold. The total amount of equity loans offered will, therefore, adjust downwards as transactions begin taking place in June. Any surplus funding will be recycled into offering further equity loans.
A further £3.3 million has been transferred to Andium Homes for the second round of applications. The final £3.3 million to be transferred before September.
- The number of successful applicants in the first round of applications for the scheme is 24. This does not reflect the total number of transactions, which will begin to take place in June.