Launched in 2021, The New Hope Scheme is an innovative initiative aimed at helping individuals with medical conditions or disabilities overcome barriers to homeownership. 

Through continuous stakeholder management, the Housing Authority brought to light a unique challenge faced by a specific profile of individuals and families. These individuals were aspiring to purchase their first property, were financially stable and able to afford property, yet did not satisfy the life insurance policy as required by local banks for Home Loans due to having a history of disabilities or medical conditions.

Through the New Hope Scheme this obstacle was overcome - allowing them to purchase a residential property with the Housing Authority acting as a guarantor.

Under this scheme, eligible individuals can purchase properties worth up to €250,000. The Housing Authority provides a revolving limited guarantee, enabling beneficiaries to secure a bank loan without the need for a private life insurance policy. In return, participants pay an annual contribution equivalent to what they would have paid for life insurance.

To ensure eligibility, applicants are screened by the Commission for the Rights of Persons with Disabilities (CRPD) to confirm that their medical condition genuinely impedes their ability to participate in the property market. Applicants are also required to obtain 2 refuted quotes by a private Life Insurance Policy Provider before being eligible for the New Hope Scheme. 

Whilst the Housing Authority guarantees home loans worth up to €250,000, applicants can obtain a higher loan amount at the discretion of their bank as long as they secure a guarantee on any additional amounts.  

This initiative is part of a broader strategy to ensure stability within the Housing Market and ensure accessibility for all.

For more information kindly visit https://housingauthority.gov.mt/mt/scheme/new-hope-scheme/