ALMO offers tenants £29k to buy homes
An arm’s-length management organisation is looking to free up council homes by offering tenants cash to buy themselves another property.
Barnet Homes is offering grants of up to £29,000, which do not have to be repaid, to secure tenants who have a council home with two or more bedrooms that is in good condition.
The level of the payments depends on the property size, and the length of tenancy:
- Tenancies of between two and five years on properties with two or more bedrooms qualify for £18,000.
- Tenancies lasting longer than five years on properties with two or more bedrooms qualify for £26,000.
- Tenancies lasting longer than five years on properties with three or more bedrooms qualify for £29,000.
A total of £400,000 is available to fund the scheme until April 2013, with funding allocated on a first come, first served basis. Tenants have to be able to show they can afford to buy a home with the financial support.
Tracey Lees, chief executive of Barnet Homes, 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 rehoused.
‘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.’