§ Mr. Mikardoasked the Secretary of State for the Environment how much money the London Docklands Development Corporation has set aside for subsidising house purchases in Wapping; and how the scheme proposed by the London Docklands Development Corporation will work.
§ Sir George YoungThe London Docklands Development Corporation has set aside £1 million for its equity share loan scheme in Wapping. Under the scheme, a loan of up to £10,000 is available to residents of the 457W Wapping part of docklands to top up a conventional mortgage for a house in that area. This is normally repayable to the corporation on the resale of the property or after ten years. After ten years, the position may be reviewed at the discretion of the corporation in the light of the applicant's circumstances. No interest is charged on the loan and no rent is levied on the corporation's share of the equity.
The amount to be repaid is to be the same proportion of the resale price or the market value of the property as was the original loan of the purchase price, subject to a cost floor and a cost ceiling.