The initiative by East Renfrewshire housing chiefs and CALA Homes delivered eight two-bedroom cottage flats at a developed in Waterfoot. They were sold to purchasers at 60% of their market value.
Applicants for the properties had to meet certain criteria, such as being a first time buyer, with a modest income and a local connection to East Renfrewshire to be eligible to buy a property. They also needed to be able to secure a mortgage over the long term.
In any new development, the council requires 25% of homes to be 'affordable', and this latest project provided an opportunity for affordable housing to be built by CALA without using Scottish Government subsidy.
The area has a shortage of housing which is affordable to people on modest incomes and one of the council's priorities is to increase the number of homes available for rent from the council or local housing associations both of which are delivered using a Scottish Government subsidy.
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However, the local authority is also wanting to work with partners, such as housing developers, to look at providing other types of affordable housing for sale or rent without relying on a subsidy from the Scottish Government.
Councillor Danny Devlin, East Renfrewshire Housing Convener said: "Demand for these properties has been high and we hope to be able to repeat the success of the Waterfoot development in other areas of East Renfrewshire. I'm delighted we have been able to work with CALA Homes and enable eight residents to get their first step on the property ladder."
Council Leader Jim Fletcher added: "This project enabled us and CALA Homes to provide an opportunity for people to buy their own home and build a life for themselves in East Renfrewshire. We hope to be involved in delivering more affordable housing like this in the future."
The properties were sold for £84,000 (ground floor) and £90,000 (first floor). This represented 60% of their market value, based on an independent valuation.
The new homeowners will own their home outright, and will have an equity stake of 60%, with the Council retaining a 40% stake. When the purchaser goes on to sell the property, they will be entitled to 60% of what the property sells for and must pay the local authority the other 40%.
(JP/CD)
