Co-ownership Association
Mission Statement
"To provide opportunities through equity sharing to those outside the margins of conventional home ownership".
The Northern Ireland Co-Ownership Housing Association Limited (NICHA) is registered as a housing association under the Housing (Northern Ireland) Order 1981 and also as a friendly society under the Industrial and Provident Societies Acts (Northern Ireland) 1969 and 1976.
NICHA was established to help meet housing need through the promotion and development of equity sharing in the private housing sector achieved through the Co-Ownership Scheme. NICHA is regulated and partly funded by the Department for Social Development.
The scheme helps people to own their own homes through equity "sharing", which means part-buying and part-renting the property of their choice. If a person would not normally be able to buy the home they need on a full mortgage, the Co-Ownership scheme enables them to buy as much as they can afford initially, with the option of buying the rest from NICHA at any time.
Co-Ownership rents are worked out on the value of the property and the size of the share the participant takes. The larger the share the lower the rent. To start with the participant buys at least 50% of the value of the property, through a mortgage in the usual way and pays a rent to NICHA on the other part of the property. If they can afford it the participant can buy 62.5% or at most 75% of the property at the start. How and when they increase their share after that is up to them - in slices of 12.5%, all at once, or not at all.
Any kind of property may be considered for Co-Ownership anywhere in Northern Ireland. There are limits on the value of properties which are set by the Department and reviewed twice a year. At March 2004 NICHA has had 17,945 participants with 13,799 of them now owning their home in full.
Further Information
You should use the above information as a guide. All queries should be made to Co-Ownership during office hours on Freephone number 0800 333 644 or at their office:
Murray House,
Murray Street,
Belfast
BT1 6DN.
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