Key Home Buy Initiative set to help Met staff accommodation

29/02
20 March 2002

The Key Home Buy Initiative, the Government’s funding of starter homes for key workers announced last September, is due to come on line for the Met on 1 April 2002. A total of £15.3 million was awarded to a joint bid from the MPA and the City of London Police and the final details of the scheme are now complete. 

Nicholas Long, Chair of the MPA’s Estates sub committee said:

“ Housing has always been a major priority for the MPA and we are acutely aware of the problems faced by many officers in their early years, working and wanting to live in London.

“The scheme is open to officers and key civil staff, and potentially can help 350 officers and 125 civil staff get on the property ladder rather than living in service accommodation. Applications from lower ranking staff and civil staff who support frontline officers will be given higher priority in the assessment process.

“It is also an important part of our plans to encourage recruitment and retention in the Met. Officers leaving service accommodation to be part of this scheme will automatically free up those properties for new officers, whose housing needs are of great concern to the MPA. 

“For the MPA, this is the first stage in providing officers and civil staff with real choices and a range of accommodation”.

Notes to editors

1. Criteria for applicants includes:

• Neither those assisted nor their partner have previously owned property and combined annual income is below £42,000.
• Each amount per award will be limited to £29,000 and funding is a fixed amount for two years. 
• The loan will be repaid as an equivalent percentage of the house’s value on resale.
• The property to be purchased will need to be in a London Borough within reasonable distance of the applicant’s place of work or in a non London borough adjoining the borough in which the applicant is working.

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