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Homebuy Scheme: Finance

Volume 488: debated on Monday 23 February 2009

To ask the Secretary of State for Communities and Local Government with reference to her Department’s press release of 15 December 2008 on Homebuy, from which such budget the extra £100 million of funding from the project will come. (253895)

In light of the strong response to the scheme from developers, the Government have pledged to make a further £100 million available for Homebuy direct (over and above the £300 million announced in September). This will allow the scheme to help up to 18,000 first-time buyers into home ownership (compared to the 10,000 announced in September). The precise sum that is spent on the scheme will depend on the level of take-up by first-time buyers. Any expenditure over and above the initial £300 million will be drawn from the National Affordable Housing Programme.