Buy back scheme gets £300,000 funding

Brighter Horizons, charitable subsidiary of Rochdale Boroughwide Housing (RBH), has secured a grant from the Homes and Communities Agency (HCA) for £300,000.

This will enable it to buy back former local authority properties purchased by social housing residents under the Right to Buy Scheme.

Research undertaken by RBH has identified a number of properties that are for sale and have been on the market for a considerable amount of time.

Clare Tostevin, Head of Business Development for RBH said: “Vacant homes on estates can have a major negative impact on the local neighbourhood. We have worked with our colleagues at Rochdale Borough Council to look at ways of addressing this issue.”

In the current economic climate, many people who purchased their local authority homes have now found themselves unable to meet mortgage repayments. In some cases these now remain empty.

Both Rochdale Council and RBH are working together to meet the strategies outlined in their empty property initiative. This aims to bring vacant homes back into the stock of affordable homes and support the improvement of key estates.

Ms Tostevin said: “The scheme will also ensure that these properties are effectively managed, helping to protect existing investment on estates.”

In deciding which homes to purchase, Brighter Horizons has paid particular attention to their type and size, as RBH research has identified family homes as a priority. Only those homes that will be economical to renovate and identified as having high long term demand will be considered.

Deborah McLaughlin, Regional Director of the HCA North West, said: “The HCA is delighted to support Brighter Horizons through this additional funding to provide further affordable homes in Rochdale. This is a great scheme to bring empty properties that are currently blighting neighbourhoods back into use and to give more families the chance to find a high quality home. Supporting measures to tackle empty homes is an important part of our overall aim to create vibrant and sustainable communities across the North West where people choose, and can afford, to live.”

Now the grant has been confirmed RBH will work with its strategic housing colleagues at Rochdale Council to carry out detailed individual physical and financial appraisals on each property prior to purchase. The £300,000 grant funded will be supplemented by £194,748 prudential borrowing by the Council which will be lent to Brighter Horizons to support the scheme.

It is envisaged that five family properties will be ready for occupation by Spring 2010.