§ Mr. Parkasked the Secretary of State for the Environment how many co-ownership schemes, either by equity sharing or co-operative means, have been set up between local authorities and people who cannot take on a full mortgage; how these schemes will be funded; and if he will make a statement.
§ Mr. FreesonThe provisions of the Housing Rents and Subsidies Act 1975 enable local authorities to consider shared equity arrangements whereby individual tenants can acquire leases on part of the value of their homes, while paying rent on the remaining part which continues to receive Government subsidy. No such schemes have yet been started, but I am in touch with a number of local authorities which have expressed interest, including Birmingham and Brighton, and the GLC. The same Act enables local 49W authorities and housing associations to sponsor co-operative shared equity schemes with Exchequer subsidies and grants; and I have asked the Working Party on Co-operative Housing to consider the future scope for such schemes and the future of co-ownership housing.