The Jersey HomeBuy scheme would be available only to first-time buyers and applicants will be vetted by the Housing Department, who will have to be sure that the applicants cannot afford to buy on their own.
The scheme formally went out to consultation today but could be introduced in time to apply to three sites currently under consideration for development.
Housing Minister Terry Le Main and Environment Minister Freddie Cohen are pioneering the Jersey HomeBuy scheme, which could be applied to 80 homes which developers are building, or have applied to build, on fields in St Lawrence or St Brelade.
Under the scheme, purchasers would buy properties outright but would pay only a percentage of the total, with the States providing up to 35 per cent of the money. The properties would only be available for resale under the Jersey HomeBuy scheme and the States’ cut of profits from any resale could go back into the scheme.