An extra £5million has been secured for an assisted home ownership scheme in Denbighshire.
Denbighshire
County Council administers the Rent to Own grant for Welsh Government, a scheme
which supports applicants who do not have the minimum five per cent deposit to
buy a home, but are otherwise able to access a mortgage.
The scheme in
Denbighshire, which is operated through Registered Social Landlords (RSLs), was
initially allocated £1.8m over a three-year period between 2018 – 2021 and due
to the success of the scheme in the county, an additional £5.8m has been secured
from Welsh Government.
The funding is
used by RSLs to build new homes specifically for the Rent to Own Scheme and
currently includes new build sites in Rhyl, Rhuddlan, Meliden, St Asaph,
Denbigh and Llanfair DC.
Cllr Tony
Thomas, the Council’s Lead Member for Housing and Communities, said: “Rent to
Own provides a fantastic opportunity for Denbighshire residents to get on the
housing ladder and contributes to our priority of providing homes that meet the
needs of our residents.
“Securing an
extra £5.8m to develop the scheme shows what a success this has been in the
county and will make a real difference to the number of houses that can be
created.
“The Council
is also continuing to work with RSLs and private developers to ensure there is
suitable affordable housing in the county, as well as progressing with our own
programme of building council homes.”
Applicants
rent one of the new build properties and after a period of up to five years
they buy the property, with 25 per cent of the rent paid being returned to the
applicant as a deposit for the home.
The scheme has
proved very popular in Denbighshire with a total of 99 new build properties
being made available between 2018 and 2022.
These
properties are in addition to properties secured for affordable or social
housing through the planning process and also complements the 24 council houses
being built on land above Tan y Sgubor, Denbigh, the first new council homes to
be designed and built for the Denbighshire area in 30 years.
A total of 139
affordable homes were also provided in the county by private developers and
RSLs including Cartrefi Conwy, Grŵp Cynefin, Clwyd Alyn and Wales & West
between April 2019 and March 2020.
As part of the
Rent to Own scheme there are two bedroom and three bedroom properties available
under the scheme, applicants need to have a household income of between £18,000
to £60,000 to be eligible.
* Those
interested in the scheme should contact Tai Teg on 03456 015 605 or info@taiteg.org.uk