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Equity Housing Group Limited
Equity Housing Association Limited
Provincial Housing Association Limited
Equity Housing Group Limited
Equity Housing Group Limited is a not-for-profit organisation which provides rented housing for a wide range of groups including, families, single people, couples, older people and people with special needs.
Equity Housing Group previously concentrated its efforts and resources on providing housing for rent. Increasingly, it is now building homes for sale on a shared ownership basis. Shared ownership is explained in more detail below, under Equity Housing Association.
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Equity Housing Association Limited
Equity Housing Association Limited is a not-for-profit organisation which provides opportunities for those on moderate incomes to become home owners through shared ownership. The majority of this work is now carried out by Equity Housing Group.
Shared ownership enables people using a conventional mortgage to purchase a share of a property (usually 50%) and pay a rent to Equity Housing Association for the part it retains. This, enables those on moderate incomes to get a 'foot on the home ownership' ladder. The purchaser can, at a future date, buy further shares in the property from Equity and become owners outright. Alternatively, if they wish to move, they are able to sell on their share (subject to certain restrictions) on the open market.
Equity Housing Association also provides housing for sale for older people. There are two types, one which is termed LSE (Leasehold Schemes for the Elderly) and the other SOFTE (Shared Ownership for the Elderly). LSE and SOFTE give people of retirement age the opportunity to purchase a portion of a property specifically built for older people. This usually enables them to release equity in their existing home. As these types of schemes have received government funding certain restrictions apply.
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Provincial Housing Association Limited
Provincial Housing Association Limited was set up to specialise in home-ownership services. It provides a management service to others, including private developers.
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