Authority planning new scheme for first-time buyers

The Housing Authority will soon launch a new initiative intended to assist first-time buyers who want to buy property from the private sector, it said.

It said that each year it assists different target groups by helping them to access affordable accommodation and will continue offering its assistance to vulnerable target groups through its various schemes and initiatives.

The authority was commenting on the document issued by the Diocesan Commission for Justice and Peace on housing. The paper focused on the increase in property prices over the past years and the consequence of this on Maltese families.

The authority said it was aware that more families are finding it hard to have access to affordable accommodation on the open market. This was why it was constantly updating its schemes and launching new initiatives, targeting those mostly in need of assistance.

It recently introduced a new initiative whereby beneficiaries could purchase property under shared ownership. It allowed them to buy a share of the property they could afford, thus making it more affordable for them to get on the property ladder.

Each year the authority issues a number of units for sale making it possible for young families and others to access home ownership which they would not have been able to do in an atmosphere of rising property prices.

This initiative proved to be a success and there was a huge demand from the public, the authority said.

Another form of assistance is given through the grant for the rehabilitation and completion of a first property.

This scheme is very popular with young couples and every year a number of families and others receive assistance in order to complete their first home.

The authority added that for a number of families renting is the most affordable tenure option.

In order to assist these families, the authority offers a rent subsidy grant.