Select committee to investigate failed equity scheme
Homeowners who lost out to a failed Government Equity Scheme are to receive answers after almost fifteen years.
The Harcroft Meadows project saw some 80 properties sold to first-time buyers in 2001, with Government keeping a 30 per cent share of their value.
But a sharp rise in house prices meant owners faced losing out if they sold or renovated their homes.
Now Tynwald has agreed to the formation of a Select Committee to investigate the issue.
Douglas South MHK Bill Malarkey explains how the situation came about:
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