An east London council has moved a step closer to being
the first in the country to offer its council tenants the opportunity to take
up shared ownership of their council property. Members of Barking and Dagenham
Cabinet agreed the tenant shared ownership scheme, called ‘Right to invest’,
pending the outcome of a six week consultation period, which starts on Monday
14 March. This scheme will provide an affordable home ownership option for council
tenants on lower incomes to meet their aspirations to become home. The scheme
will be available to all tenants who meet the Right to Buy criteria, however,
unlike Right to Buy, it will have a share ceiling of 70% meaning the property
always remains a housing option for those on lower incomes and is protected
from sub-letting. Read more on the Barking & Dagenham website.
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