National Housing Co-operative Bill 2017

Public bill · Private Member · Introduced

Set up a National Housing Co-operative to buy distressed home loans and the homes attached to them from banks and other lenders, then manage them so households can stay in place instead of facing repossession. The aim is to turn struggling mortgage cases into more flexible arrangements such as longer-term repayment plans, split mortgages, interest-only deals, or rent-based options, with the stated goal of reducing homelessness and court action. It would be funded through a 20-year secured property bond backed by the acquired properties and an EU investment guarantee.

Formal long title

Bill entitled an Act to provide for the establishment of an industrial and provident society to be called the National Housing Co-operative Society with the mandate and powers to acquire, manage, rent or sell distressed mortgages so that the occupants of houses can move from the status of distressed mortgagor by means of mortgage to "rent and mortgage"

Last updated 20 April 2020