CIH launches first time savers initiative

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CIH launches first time savers initiative

Fri 24th Jun 2005

The Chartered Institute of Housing (CIH) has launched a first time savers initiative in the form of an innovative new housing scheme.

The scheme has been designed to help first time savers develop financial capital as well as a savings habit.

HomeSave is aimed at tenants who are not financially able to benefit from the government's Homebuy and homeownership schemes.

It allows financially excluded tenants to open a Housing Investment Account, enabling them to invest modest amounts in housing and receive returns on rents and property prices.

The HomeSave Flexible Savings Account (HFSA) is automatically credited with £125 for eligible tenants, who then have any savings they make matched pound for pound up to a total of £250 in matched funding.

CIH chief executive David Butler explained: "We need to find a way to enable those tenants who are unable to buy even a share of a new home being able to build financial capital through developing the habit of saving and to begin to accumulate assets."

Tenants are also able to open a HomeSave Housing Investment Account (HHIA) that allows the combined savings of a group of tenants to be invested in affordable rented housing.

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