On Friday 3rd September 2021, the Housing Authority and APS Bank signed an agreement for the New Hope Guarantee Scheme. The event was held at APS Bank Head Office in Swatar and was presided by the Hon. Roderick Galdes, Minister for Social Accommodation who made the introductory speech. He was followed by speeches from Marcel Cassar, CEO of APS Bank and Leonid McKay, CEO of the Housing Authority.
The Scheme aims to assist aspiring home-owners who wish to acquire their primary residence but are unable to obtain a life insurance policy because of a disability, medical condition or history. Government will be assisting persons who have been declined a life insurance policy from two local companies or their request has been postponed by 12 months or asked for a very high premium. The assistance will be in the form of a guarantee that will cover a maximum loan of €250,000 on property that will be used as a primary residence.
The Hon. Roderick Galdes commented: “The Ministry for Social Accommodation, together with the Housing Authority, has pushed for a strong element of social innovation, but this would not have resulted in anything if we hadn’t found partners, including banks, who believe in this vision and share social consciousness”.
Marcel Cassar commented: “As a community bank active in the home loan market, we are saddened by those cases where persons with a medical condition or history find themselves excluded from becoming homeowners. This is our latest collaboration with Government and its agencies developing products helping those who are at the margins of society. The loans under this scheme can truly change lives.”
Leonid McKay commented: “The effectiveness of the scheme is that it addresses a small group of people who for many people should be invisible. The vulnerability of these people is not necessarily linked to income but still prevents them from the property market. With such a scheme we are showing where the State should guide the market.”
If you would like to learn more about the New Hope Scheme please visit housingauthority.gov.mt/en/Pages/Schemes.aspx, call 21226644 or visit your nearest branch.