AQW 11983/22-27

Ms Kellie Armstrong
Alliance Party
Strangford

Tabled Date: 15/05/2024
Answered On Date: 03/06/2024
Priority Written: No

Question:
To ask the Minister for Communities to detail the action his Department is taking to ensure that Housing Associations are aware of Financial Transactions Capital funding.

Answer:

My Department has used Financial Transactions Capital (FTC) as low cost, long term government loan to help increase the supply of affordable housing products for some time now. It has been working very effectively and is primarily used to support the delivery of shared ownership housing, provided by our delivery partner, Co-Ownership.

We have made a large commitment to Co-Ownership, allocating £158 million in FTC funding to assist over 4,000 people into home ownership, between 2020 and 2025, through the Co-Own product, as well as providing £12.5m in funding for Rent to Own and £8m for Co-Own for over 55s.

Beyond Co-Ownership, my Department has also previously allocated over £28m in FTC funding to Apex, Choice and Clanmil Housing Associations for the Affordable Housing Loan Fund (AHLF) and Empty Homes Loan Fund (EHLF).

My officials are also currently working with the Registered Housing Association sector to consider development of a New Build Shared Ownership product which could help increase the supply of affordable homes. We are currently undertaking research to test the viability of such a product and would seek to access FTC funding to support delivery if such a scheme were to be implemented.