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Empty Home Loans...

October 10th 2013
By: Melanie

Earlier this year the government set up a new scheme to breathe life back into empty homes. David Ireland, chief executive of Empty Homes, said: “Many homes are empty because it is difficult for owners to raise the money needed to bring them back up to a habitable standard. The scheme will kick-start efforts to tackle this.”

The scheme provides loans of between £5,000 and £15,000 to owners of empty properties to help bring them back into affordable use. The loans will be charged at a fixed 5 per cent and are available to those who own a property that has been empty for six months or more.

Ecology chief Paul Ellis said: “At a time when there is increasing demand for homes but an acute lack of supply, it makes sense to bring new life to existing but neglected properties.”  Recently David Ireland said: ‘The response to the launch of the fund has been amazing, but it clearly shows that there is a real demand for this type of funding to help get empty homes back into affordable use. We hope the fund will enable hundreds of empty homes to be brought back up to standard and back into the housing stock.’

The NEHLF is a joint initiative between the charity Empty Homes, Ecology Building Society, central government and over 45 participating local authorities.  It will be administered by green lender the Ecology building society in conjunction with the Empty Homes charity and 39 local authorities.