19th November 2015Show all News
At the launch of this scheme, back in April 2012, a comprehensive 3 year evaluation began to make a plan of action on the empty properties across Wales. With the latest figures suggesting that there are around 23,000 empty properties in Wales, some of these properties could be brought back up to standard and provide homes to people that need them. Houses into Homes, makes available loans to privately owned, empty residential properties or commercial buildings so they can be renovated and put back into use as a home ready to rent or sell.
The scheme is operated jointly by the Vale of Glamorgan Council and The City of Cardiff Council, with qualifying criteria’s for the loans and terms and conditions that have been set nationally.
Once the work in the property is complete, the property must be sold or rented out. The loans are paid before the work commences, are interest free and must be paid back within 2 – 3 years depending on whether the property is sold or rented out – owners cannot apply for the loan and undergo the scheme to live in the property themselves upon completion. A maximum loan amount has been set with a limit of £150,000 per applicant.
The Government have already made a £20m fund to support the Houses into Homes scheme purely to bring back empty houses or commercial building back into use, whether this means a renovation or splitting them into flats. In the last four years alone, more than 7,500 vacant properties have been restored under the Houses into Homes scheme; surpassing the original 5,000 target a year earlier than expected!
To find out more on this scheme, including the criteria, costs and requirements, please visit click here to see all of the required information.
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