Cost rental scheme so popular it is oversubscribed, Housing Minister says

The video discusses the official opening of 118 new cost rental homes, a new housing tenure introduced 12 months ago. These homes offer state-backed affordable rents, 35% below market rates, ensuring long-term tenancies. The scheme, managed by tour and backed by the housing agency, has approved around 900 new homes this year. The popularity of this tenure is evident as applications are oversubscribed. The video also highlights affordability measures, including the first home scheme and the delivery of more social homes than ever before. The speaker commends the efforts of various departments and councils in achieving these milestones.

What is the significance of the first home scheme mentioned in the text?

Who are the key stakeholders involved in the management of the new homes?