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Craven District Council plans to develop shared ownership housing boosted by £72,000 Government funding

Craven District Council is preparing to start work to build shared ownership housing this summer.

The Government's Homes & Communities Agency has given the council £72,000 towards the scheme, which was approved by the council's policy committee this month.

Paul Ellis, Director of Services at Craven District Council, said: "This scheme will provide much-needed affordable housing for Craven residents while also developing an important income stream to help offset the massive financial challenges the council is facing.

"Shared ownership housing allows individuals on low to middle incomes to get their foot on the housing ladder sooner than they may otherwise be able to do so by requiring a much smaller deposit and mortgage. Shared ownership will also provide the council with a stable rental income."

The principle of shared ownership is that occupiers buy a share of the property, for example 50%, and then pay a rent on the remainder. The owners then have the option of acquiring additional shares with a consequent reduction in the rental payment.

The council is now a registered provider of social housing and has entered into a service agreement with Yorkshire Housing which will work with the council to identify applicants for the new homes.

A pilot scheme to build three, two-storey, two bedroom starter homes with associated off street parking in Burnroyd Avenue, Glusburn, is due to begin later this year, and could be occupied early in  2017.

The council has also identified a number of sites that could be developed, with the intention of launching a first phase providing around 12 homes.

The sites being investigated are the overspill car and lorry park, Back Gate, Ingleton, a garage site on Colne Road in Glusburn, and vacant land on Harper Grove in Sutton. 

It is thought planning applications for some of these sites could be submitted by late summer this year.