AQW 19102/17-22

Ms Kellie Armstrong
Alliance Party
Strangford

Tabled Date: 19/05/2021
Answered On Date: 27/05/2021
Priority Written: No

Question:
To ask the Minister for Communities whether she has sufficient resources to bring forward new affordable housing schemes funded by Financial Transactions Capital.

Answer:

I am committed to maximising my Department’s use of Financial Transactions Capital (FTC) to increase housing supply and to provide people and families with a greater range of housing options.

My Department approved an allocation of £145 million last year to Co-Ownership for the delivery of 4,000 much needed homes over four years. I announced an additional £13 million allocation [to Co-Ownership] to deliver a further 422 homes in January of this year.

To facilitate the development of new and innovative intermediate housing products, my Department recently published a revised definition of affordable housing. A wider range of products should support housing supply by providing alternatives to shared ownership and more choice to suit differing household needs and circumstances.

Intermediate Rent is one such product in development, aimed at delivering a new supply of affordable, good quality, well-managed homes with longer tenancies. It can provide a better, more affordable rental solution for some, and act as a stepping stone into low-cost home ownership for others.

An Over 55s shared ownership product is also under consideration, which will support those who wish to downsize or move to more suitable homes to do so.

A key part of my ambitious programme to deliver transformative change across housing is the development of a Housing Supply Strategy.

I recently launched a Call for Evidence to inform the development of the draft Strategy. It includes questions about if and how we might better utilise public funding, such as FTC, more effectively to increase housing supply.