Mar 02 2013

Harrow Council Wins £250k for Shared Ownership Homes

harrow_council_logo2Harrow Council has won £250k to put towards building ten three bedroom shared ownership homes on Council estates in the borough, beginning in 2014.

The funding comes from the Mayor of London’s Housing Covenant, a £100 million fund made available to deliver intermediate homes in London by March 2015.

The planned homes will be affordable to households earning up to £64,300 per annum (£77,200 per annum for families needing three or more bedrooms).

Harrow’s scheme will target existing council tenants typically living in 2 bed flats, who wish to move to 3 bed houses. Successful tenants will be offered a minimum of a 25% share in their new home and they will need a much smaller deposit than would normally be needed when buying a property on the open market. The Council will work with successful tenants during the building period to make sure they have the necessary savings for the deposit when the properties are ready (anticipated March 2015).

Source: Harrow Council

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