Teignbridge has teamed up with Westward Housing Group to help people in Chudleigh to get on the housing ladder.
The initiative uses funds from the recent Rivendell and Old Chapel developments where planning agreements require affordable housing lost to be replaced within the Chudleigh area in a way that benefits local people.
A Shared Equity Scheme is being introduced where the Council can provide loan funding to help people with a connection to the area with a deposit to purchase a home in the parish of Chudleigh.
The loan would be only available to those who would be unable to buy without it and would cover up to 25% of the purchase price, subject to a maximum home price of £230,000 for up to two bedrooms or up to £250,000 for three bedrooms or more.
To qualify house purchasers will need to have a household income of less than £60,000, be able to get a mortgage to cover the remainder of the house purchase price and be able to pay for normal conveyancing and house moving costs.
Priority will be given to people where a member of the household has a disability that would be helped through home purchase and to those downsizing, creating space for another family.
It is hoped to be able to support 12 house purchases through the scheme.
Executive Member for Housing, Cllr Martin Wrigley said: “It’s good to see developments benefiting the local community. This is a great way to help local Chudleigh families find a secure home.”
“I’d like to thank Westward Housing for supporting this and agreeing to run the scheme”.
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