Wednesday 11 July 2012
A fund designed to provide home owners with low interest loans will available by the end of 2012. The fund will help to renovate vacant homes in England so they can be used as affordable housing.
The Department for Communities and Local Government’s Empty Homes Community Grants Programme is supporting the fund that will operate throughout England. It will be managed by the charity, Empty Homes in conjunction with a building society.
Empty Homes hopes to make over 300 properties usable within its initial three years. There are currently around 720,000 empty homes in England and the fund has been created to reduce this number to as few as possible.
Empty Homes advisor, George Clarke commented on mortgagefinancegazette.co.uk that: “This is a really exciting development because it marks the point at which the campaign begins to deliver real change to start ending the scandal of empty homes.”
David Ireland, the Chief Executive of Empty Homes also noted that: “This is fantastic news; the loans fund will help ordinary people and property owners get homes back into use for people who need housing.
"The fund will recycle loans, meaning it will be able to operate long into the future and bring many hundreds if not thousands of empty homes back into use.”