Homebuy Scheme Welcomed by Gipton Councillors (Leeds Liberal Democrats)

Leeds Liberal Democrats <info@leedslibdems.org.uk>

Homebuy Scheme Welcomed by Gipton Councillors

March 2, 2006 12:31 PM

A proposed housing scheme that will offer residents in Gipton an interest free 'equity' loan to help buy their own home has been welcomed by local Councillors Alan Taylor and Javaid Akhtar. The aptly named, Gipton 'Homebuy' scheme is a revised version of the Low Cost Ownership Scheme which proposed to use cash raised from land sales to provide a grant for low income buyers. However, the Low Cost scheme was limited in the fact that the grant would provide a once - only opportunity unlike the new 'Homebuy" scheme. Under the new proposals the loan will be repaid on the homes sale and the cash made available for future home buyers.

Councillor Alan Taylor (Lib Dem, Gipton & Harehills) said "It seems like a win win situation for both local residents and the Council. By providing a loan for 50% of the asking price, people on lower incomes can get a foot on the property ladder. Unlike the previous proposals this money would not disappear once the sale has gone through, but would be made available to future buyers after the property is resold. This way the money stays in the system and can help future generations get a step up."

Councillor Javaid Akhtar (Lib Dem, Gipton & Harehills) added "The opportunity for a family on a low income in Gipton to purchase their own home is one that rarely arises. This scheme is further proof that this administration is committed to narrowing the gap here in Leeds. I am particularly glad that the scheme is to be targeted to those residents most affected by the EASEL clearance programme."

Notes to the Editor:

1. Around 25% of the 92 properties for sale on the former Low Gipton Crescent site (opp Liddl Supermarket) will be able to benefit under the loan scheme.

2. The scheme falls within the EASEL regeneration area and those affected by the EASEL demolitions will be given priority for the loans.

3. The revised scheme was agreed at the Council's Executive Board on 17th February 2006 subject to the final details being arranged by the Directors of Neighbourhoods & Housing and Legal and Democratic Services

4. Under the 'Homebuy Scheme' no weekly/monthly charge is made by the Council to the home owner.

The views in this Press Release are those of the Liberal Democrat Council Group, and not necessarily those of Leeds City Council, its Officers or of the Liberal Democrat Party.