From Ms A. Ellul

With reference to the article “A Moment in Time - ‘For those not to the ‘manor’ born’” (TMIS, 16 September), the Housing Authority would like to correct the impression given about the lack of help to first time buyers.

Last February the Housing Authority launched its new “Equity Sharing” initiative. This scheme is devised for those applicants who are unable to purchase their first residence from the private sector without assistance from the Housing Authority. Under this scheme the Housing Authority finances up to Lm10,000 for the purchase of a first residence in shell form and up to Lm14,000 for the purchase of a first “finished” residence.

Beneficiaries are not obliged to buy back the investment made by the Housing Authority before 10 years from the date of sale of contract. After this period of time has elapsed the Housing Authority will obtain the necessary information in order to verify whether the applicant is in a position to pay or take out an additional loan to purchase the share the Authority has in his/her residence.

Applications for the purchase of property whose value does not exceed Lm50,000 will be given preference. However, all property is being considered. Applicants should not possess more than Lm15,000 in assets. The yearly income of a single person is not to exceed Lm10,000 and that of couples Lm12,000.

However, the article did show us that not enough people are sufficiently well informed about the help currently on offer to first time buyers, and we will be launching another publicity campaign shortly to rectify this.

For further information on this scheme call the Housing Authority on 2122 7675, 2122 7679 and 2124 8736.

Audrey Ellul

Policy & Communications Unit

Housing Authority