Key workers, such as nurses and teachers, who participate in affordable housing schemes will be given cash to help them with solicitors’ costs and purchasing furniture.
More than £3m has initially been earmarked for the first wave of grants, enough for 2,000 people, Brown said.
Under OMHB, key workers can boost their purchasing power by up to 50%. This means a household with an income of £32,000 could afford a house of £200,000, paying £760 each month – as opposed to £1,350 without the scheme.
Brown said: “We want to do more for people who may need an extra hand to buy their first home. By offering new grants and sharing a stake in their home, we are making the dream of a new home more affordable for thousands of low-income, first-time buyers and key workers such as nurses and teachers.”