Shared Ownership Housing means the residential units constructed pursuant to the Planning Permission and transferred to a Registered Provider for allocation as Shared Ownership Housing. Each occupier may acquire an interest in the Dwelling of between 25% and 80% and may staircase up to 100% of the Open Market Value of the Dwelling in increments at times of his/her election the balance of the equity in the Dwelling being let to the occupier at a rent equal to or less than that permitted by the Homes and Communities Agency. The Shared Ownership Housing shall comprise:
Shared Ownership Housing means an Intermediate Unit where the lessee enters into a lease and purchases a percentage of the equity up to 100% of the equity (subject to the initial equity share of a shared ownership lease being restricted to between 25% and 75% equity share), the lessee pays a rent to the Registered Provider in respect of the remaining equity share in the property, the documentation for which will follow the HCA model lease with the rent payable calculated at no more than 2.75% of the value of the unsold equity in the Dwelling. The lessee has the option to Staircase so as to increase their equity share in the Affordable Housing Dwelling up to 100% and acquire the freehold or long leasehold interest (as appropriate)
Shared Ownership Housing means housing to be sold under leases which comply in all respects with the Housing Corporation’s model form of shared ownership leases (or should the Housing Corporation cease to exist a form issued or approved by the body or entity which replaces it or which is approved by the Council)
Examples of Shared Ownership Housing in a sentence
Shared Ownership: Housing schemes provided on the basis of shared equity (i.e. the occupiers part-buy, part-rent the property), allowing the occupiers to buy what they can afford, with the flexibility to increase the degree of ownership if they so wish.
That the Committee has taken into consideration and agrees with the reasons for the recommendation set out in the report and resolves to GRANT a second Deed of Variation to the S106 Agreement so that the developer is obligated to provide all seven units in the form of Shared Ownership Housing and/or as Shared Equity Housing.
It is now also proposed that all seven units are provided as Shared Ownership Housing and/or Shared Equity Housing in order to facilitate Landspeed to deliver the affordable housing on-site.
A Deed of Variation was then sought to the s106 Agreement to amend the tenure to provide seven affordable units, of which three were to be used for Affordable Rented Housing and four were to be used for Shared Ownership Housing.
To consider a request to vary the Heads of Terms of a Deed of Variation to the Section 106 Agreement signed in connection with planning application BH2017/01108, in order to amend the provision of affordable housing on site from three Affordable Rent and four Shared Ownership units, to 7 Shared Ownership Housing and/or Shared Equity Housing units, and to amend the definition of ‘Registered Provider’ (RP).
More Definitions of Shared Ownership Housing
Shared Ownership Housing means the residential units constructed pursuant to the Planning Permission and transferred to a Registered Provider for allocation as Shared Ownership Housing. Each occupier may acquire an interest in the Dwelling of between 25% and 80% and may staircase up to 100% of the Open Market Value of the Dwelling in increments at times of his/her election the balance of the equity in the Dwelling being let to the occupier at a rent equal to or less than that permitted by the Homes and Communities Agency. The Shared Ownership Housing (as identified on Plan 2 attached) shall comprise: • 4 X 2 Bedroom Houses Interpretation
Shared Ownership Housing means Affordable Housing leased by a Registered Provider to a person (or persons) who is (or are) members of an Eligible Household: for a term of not less than 125 years; in consideration of a premium equal to the percentage of the open market value of the Shared Ownership Unit being acquired (being initially not more than 35%) and which entitles the lessee to purchase further and additional tranches of equity in the Shared Ownership Unit up to 100% of the open market value in the Shared Ownership Unit; requiring the payment of rent on the value of that percentage of the Shared Ownership Unit which on the grant of the lease shall not have been purchased by the lessee adjusted on each occasion on which the lessee purchases further and additional tranches of equity in the Shared Ownership Unit and which rent shall not exceed 2.75% of the value of the apportioned open market value of the part of the Shared Ownership Unit not purchased by the lessee; grants to the lessee all rights of access and passage of services and other rights reasonably necessary for the beneficial enjoyment of the Shared Ownership Unit; and otherwise contains such usual terms and conditions as are contained in a residential lease of shared ownership housing granted by a Registered Provider to a lessee;
Shared Ownership Housing means housing let on a Shared Ownership Lease to a household for which the household income does not exceed eighty thousand pounds (£80,000) per annum or such other household income for the time being in force in accordance with terms in the Homes England capital funding guide;
Shared Ownership Housing means the residential units constructed pursuant to the Planning Permission and transferred to a Registered Provider for allocation as Shared Ownership Housing. Each occupier may initially acquire an interest in the Dwelling of between 25% and 80% ( but may acquire up to 100% ultimately) of the Open Market Value of the Dwelling in increments at times of his/her election the balance of the equity in the Dwelling being let to the occupier at a rent equal to or less than that permitted by the Homes and Communities Agency;
Shared Ownership Housing means housing provided by a Registered Provider or Local Housing Company where the occupier will initially be offered an equity share in the property of 35% (with an option of purchasing a greater share either initially or subsequently should the occupier so wish) and pays a maximum rent of 1.5% on the value of the unsold equity
Shared Ownership Housing housing offered via the Registered Provider under the terms of a lease which accords with the Shared Ownership Model Lease approved by the Regulator by which a lessee may acquire an initial share or shares of between 25% - 75% of the equity in an Affordable Housing Dwelling from the Registered Provider who retains the remainder and may charge a rent of up to 2.75% on the unsold equity with an option for the lessee to increase their percentage of ownership through a process of stair-casing up to 100% ownership;
Shared Ownership Housing means the Affordable Housing Units to be Occupied by persons who are in Housing Need whereby a person granted a Shared Ownership Lease can purchase an initial equity share in a Shared Ownership Housing of not less than 25% and not more than 75% and pay rent on the unsold equity with flexibility for such a person to purchase further equity shares in the Shared Ownership Housing up to 100% or such other equity sharing or retention terms as may from time to time be approved by the Council"