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Harrow Borough Council to spend £250,000 building affordable accommodation on council estates
Harrow Borough Council will be building ten three bedroom homes on council estates by next year.
The new shared ownership houses will cost £250,000 to build and the council said they will be affordable to households earning up to £64,300 a year.
Ownership of the house will be shared between the buyer and the council.
Tenants can then buy back the remaining share of the house by paying the council reduced rent as part of a government backed affordable housing scheme.
The funding comes from the Mayor of London’s Housing Covenant, a £100 million fund made available to deliver homes in London by March 2015.
The council will work with tenants during the building period to make sure they have the necessary savings for the deposit when the properties are ready.
The council also proposes to involve successful tenants in the design of their new home and overseeing the building process.
The project hopes to be completed by March 2015.
Existing council tenants interested in applying can still contact Damien Lynch on 020 8420 9228 or click on the “low cost home ownership” button on the council's website for more information.