Durham County Council has signed up to a national scheme to increase affordable housing and help owners of empty properties bring them back into use.
The National Empty Homes Loan Fund has been established to tackle the 710,000 empty homes across the country. Owners will be able to apply for a low interest loan of up to £15,000 to bring properties up to the Decent Homes Standard. As part of the agreement, the renovated property must then be rented out at 80 per cent of the market rate for rent for the duration of the loan, increasing the number of affordable homes available to residents. The initiative is a joint venture between the Empty Homes charity, the Ecology Building Society, central government, Durham County Council and 38 other local authorities who have signed up for the scheme.
The Government established the £3 million fund following a campaign led by the architect and broadcaster George Clarke as part of Channel 4’s Great British Property Scandal. The programme found that many owners of empty properties were unable to access funds to bring run down properties back into use.
Owners of properties that have been empty for over six months will be able to apply to the council for a loan between £5,000 and £15,000. The loans are paid in advance with a low interest of 5 per cent. Borrowers will need to make monthly repayments over a maximum period of five years. Loans will be made by the Ecology Building Society with Durham County Council working with owners to apply for the funds, saving them a £495 charge.
Cllr Eddie Tomlinson, Durham County Council’s Cabinet member for housing, said: “We’re delighted to be backing this scheme which will be of great benefit to the county. Not only will it mean empty properties are renovated and brought back into use but it will also increase the number of affordable homes available to local residents.”
Commenting on the launch of the scheme, George Clarke said: “I care passionately about getting England’s empty homes back into use for people who need them. This scheme provides real help to property owners to help achieve that.”
David Ireland OBE, chief executive of Empty Homes, said: “This scheme is a real first in England and is a great example of central government working together with the public and private sector to try and reduce the number of empty homes in the UK. We hope the fund will enable hundreds of empty homes to be brought back up to standard and back into the housing stock.”
Home owners interested in applying for the loan should contact the council on 03000 261076.