A new Community Housing Scheme has been launched by Ceredigion County Council.

Affordable Housing in Ceredigion is a key priority of the local authority, and the council deploys significant resources in creating and managing affordable housing.

The Community Housing Scheme seeks to support people with affordable housing in their local communities by creating pathways to home ownership.

To maximise the support available to residents, the maximum amount of shared equity percentage the Council may contribute is:

• occupiable housing - no more than 20%

• registered empty properties - no more than 40% reflecting the higher costs in bringing empty homes back into substantive use

At future points occupiers can look to staircase out of the scheme by increasing their Equity share.

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

The scheme will be managed on a first come, first served basis and it is important to note participation in this scheme does not prohibit householders from accessing other support such as empty property grants etc.

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.

To qualify for the scheme, the following criteria must be met:

• the property must be located within Ceredigion local authority area

• applicants must have a minimum deposit of 5% of the full purchase price

• the applicant must not own any other properties

• applicants must have 5 years occupancy in Ceredigion at any point in their lifetime (or specific Key Worker / Carer exemptions) and

• applicants must not be able to afford a mortgage for 10% more than the valuation of the property minus the proposed council contribution

Councillor 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 Well-being Objectives. It’s important that opportunities are available to support people to meet their affordable housing needs in their local communities.”

For more information on the scheme and how to apply, visit: Community Housing Scheme - Ceredigion County Council

You can also call the Planning Policy Team on 01545 570881 or e-mail: [email protected]