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Impact is working with an increasing number of private developers to provide affordable homes to first time buyers. Very often, a commercial developer has to provide an element of affordable housing when he obtains Planning Permission. Sometimes, this is rented housing and sometimes, as in this case, it is affordable housing for sale.
How it works is this. The developer sells the affordable properties to Impact at 70% or 80% of their market value. Impact then sells the same percentage to a local first time buyer. Impact retains the remaining 20% or 30% to ensure that the property remains affordable. If the buyer ever sells, they keep any increase in value of the percentage that they have bought. The new buyers moves in on exactly the same basis. Impact ensures that each new purchaser is local and qualifies for the accommodation.
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