Empty property owners are being urged to access funding to help bring homes back into use.
Under the Refurb & Rent Scheme Middlesbrough Council is aiming to back into use properties which have been empty for more than six months.
The scheme will help to address housing need in the town, while ensuring rental income for the landlord.
Up to £16,000 of match incentive (50/50) grant funding is available per property for renovations, with the owner in return required to lease the property to a management organisation for a five-year term.
The owner will receive 87% of all rental income collected.
The scheme is open to owners of properties that have been vacant for six months or more, and once work needed to bring the property to a ‘decent’ standard has been identified, the owner is free to source their own contractors.
Once all the work has been completed, the refurbished property will then be leased for five years through a management organisation.
The landlord will remain liable for the cost of ongoing repairs and maintenance, and for Council Tax and utilities during void periods.
Councillor Lewis Young, Middlesbrough Council’s Executive Member for Economic Development and Infrastructure, said: “Every year National Empty Homes Week sees local authorities, housing providers and community organisations join forces to tackle this important issue.
“Initiatives like Refurb & Rent bring much-needed empty properties back into use to help meet housing needs, while the owners can earn additional income on assets that are currently costing them money.”
- The funding available is limited, and works must be completed before March 31, 2018.
For full details of the Refurb & Rent scheme and how to apply, please call Private Sector Housing on 01642 729282