London ALMO offers tenants up to £29,000 to buy open market homes
Published by 24publishing for 24dash.com in Housing and also in Central Government, Communities, Local Government
In bid to cut waiting list council offers tenants up to £29,000 to buy open market homes
Council tenants in Barnet are being offered cash grants - worth up to nearly £30,000 - to buy their own homes in a move designed to free up properties for applicants on the waiting list.
Tenants could receive a maximum cash grant from ALMO Barnet Homes - which manages 15,000 homes on behalf of the council - of £29,000 towards their property purchase anywhere in the UK.
The campaign, which has £400,000 available to fund grants until April 2013, is designed to help increase the supply of homes to rent to families in housing need in the borough. There are some 17,000 households on the council's waiting list.
Applications for the cash incentive grants are being accepted now and are given on a first come first served basis. The grant does not have to be repaid.
Tracey Lees (pictured), Barnet Homes Chief Executive, said: “We are pleased to be able to offer a cash incentive grant to our tenants. Council housing is in short supply so the grant also benefits families waiting to be re-housed.
“The grant’s designed to give a helping hand to those who just need some extra cash to be able to afford a home of their own anywhere in the UK.”
To be eligible for a grant, people must be secure tenants of Barnet Homes and have a council home that is in good condition and has two or more bedrooms. Tenants must be able to show that, with some help, they can afford to buy.
The amount of each individual grant varies up to the maximum of £29,000. The figure is calculated according to how long the tenant has had a secure council enancy and how many bedrooms their current home has.
Tenants could get:
• £18,000 for tenancies between two and five years with two or more bedrooms
• £26,000 for tenancies longer than five years with two bedrooms
• £29,000 for tenancies longer than five years with three bedrooms or more.