CEREDIGION County Council has launched a new community housing scheme.

The scheme aims to support people with affordable housing in their local communities by creating pathways to home ownership, focusing on the council’s key priority of affordable housing.

The council is able to contribute the following amount of shared equity percentage to maximise support available to residents:

  • No more than 20 per cent for occupiable housing.
  • No more than 40 per cent for registered empty properties, reflecting the higher costs in bringing empty homes back into substantive use.

Occupiers will – at future points – be able to increase their equity share which will allow them to work their way out of the scheme.

The maximum house price cap of £300,000 is set for 2023/24 and will be reviewed annually.

The council has said the scheme will be managed on a first come, first served basis and it is important to note that participation in the scheme does not stop householders from accessing other support including empty property grants.

Successful applicants will be required to repay the cash amount loaned or the equivalent percentage value of the property – whichever is higher – and the council loan can be for a period no longer than the period of the associated mortgage.

There are a number of criteria to qualify for the scheme:

  • The property must be located within Ceredigion’s local authority area.
  • Applicants must have a minimum deposit of five per cent of the full purchase price.
  • Applicants must not own any other properties.
  • Applicants must have five years occupancy in Ceredigion at any point in their lifetime (or specific key worker/carer exemptions).
  • Applicants must not be able to afford a mortgage for 10 per cent more than the valuation of the property minus the proposed council contribution.

Cllr Bryan Davies, leader of Ceredigion County Council, said: “We are pleased to see the community housing scheme come to fruition. This has been supported by the full council and the scheme supports our corporate wellbeing objectives.

“It’s important that opportunities are available to support people to meet their affordable housing needs in their local communities.”

Find out more about the scheme and applying at https://www.ceredigion.gov.uk/resident/housing/community-housing-scheme/, by emailing ldp@ceredigion.co.uk or by calling 01545 570881.