South Cambridgeshire District Council has agreed a £7 million housing investment in a bid to generate an annual income which would be used to support other services.
This comes on top of the news the Council has brought 10 empty homes back into use following a £1.5 million investment.
The £7m investment will be used to kick-start a property company set up by South Cambridgeshire District Council and help meet the demand for good quality rental properties in the area.
When Cabinet members backed the plans earlier this month, they said the annual income from the investment could protect the Council from future cuts in government funding and provide support for other services residents need and rely on.
At the Council meeting on 28 November, councillors also agreed for a cross-party advisory group to be set up to work with the portfolio holder and feed in to the detailed business case which will be developed.
The initial investment will see the housing company get off the ground with a pilot scheme and property portfolio of up to 40 homes in the next two years.
A specialist arms-length housing company – South Cambs Limited – was registered last year to allow housing bosses to buy, build and sell properties at market prices so profits can contribute to the running of Council services.
Establishing the separate trading company will allow the Council to work within regulations which prevent local authorities from selling services to the private sector.
South Cambs Limited will operate in conjunction with the Council’s biggest building programme of new council houses for over 60 years – the first homes of which will be completed in Linton next month.
Cllr Mark Howell, South Cambridgeshire District Council’s cabinet member for housing (and Papworth & Elsworth's District Councillor), said: “This investment is great news for our residents as the annual income generated will be used to support other services they rely on, and protect us from some of the future cuts in funding by Government.
"We have already driven down our costs with efficiency savings in excess of £4 million, and if we can be innovative and generate income it will reduce the need to make cuts we are working hard to avoid wherever possible.
“Councillors have a wealth of knowledge about their area and by setting up an advisory group we will be able to draw on this.”
10th home
The tenth home is a one-bedroom house in Bar Hill, one of the villages in the district where the Council did not own any Council properties..”
Housing bosses are also focusing on preventing families becoming homeless and are reminding residents to step forward and seek help at an early stage if they are struggling to make ends meet. By seeking help early the Council’s housing team has the best chance of keeping people in their own home..”
Other measures to bring empty homes back into use include a grant scheme where up to £10,000 will be awarded to a home owner to bring their property up to a good standard in exchange for it being used as affordable rented accommodation for a period of six years..”
Cllr Mark Howell, South Cambridgeshire District Council cabinet member for housing, said: “These homes are helping us to make sure we can offer good quality short-term accommodation for vulnerable people when they most need it.
"We have seen demand rise in recent years and the key message for our residents is to make sure you get in touch for support and advice at an early stage. By stepping forward before you are at a high risk of becoming homeless we have far more chance of helping keep you in your current home rather than needing to find you an alternative.”.”
Owners of empty properties in South Cambridgeshire who are interested in finding out more about the Council’s grant scheme should call the housing policy team on 03450 450 051.
South Cambridgeshire District Council
T 03450 450 500.
F 01954 713 149.
E scdc@scambs.gov.uk.
W www.scambs.gov.uk.
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