THE OWNERS of empty properties in Cambridge are set to be offered interest-free loans to help bring them back into residential use, under a new scheme proposed by Cambridge City Council.
The loans of up to £25,000 would be offered to homeowners so that they could carry out essential renovation works such as installing a boiler, or improving bathrooms and kitchens, to bring their property up to a suitable condition to be let to tenants.
In order to qualify for a loan, the homeowner would need to agree to the property being rented at an affordable rate, and managed, through Town Hall Lettings – the council’s not-for-profit lettings agency – or a similar housing provider, usually for at least two years. Loans would be subject to a formal agreement and would be paid off within two to five years.
According to data from Council Tax records, there are estimated to be 379 empty properties in Cambridge, of which 56 have been unused for more than two years. The council has an Empty Homes Policy and a full time officer to help make currently empty homes available for people who need housing.
The loan scheme will be a positive incentive for empty homeowners looking to bring homes that have been empty for a long period back into use.
Cllr Kevin Price, Executive Councillor for Housing, said: “I would appeal to anyone in the city with a property that is currently empty to get in touch with us to see how we can help them turn it into a much-valued home for a family, couple or individuals.
“There are many reasons why homes may be standing empty but they can often be a burden for their owners, as well as having a negative impact on neighbourhoods.
“The proposed loan scheme for empty homes is another innovative way in which the council is trying to address the shortage of affordable homes in the Cambridge. We have already helped bring 33 properties back into use in the past 9 months, but would like to see this figure increase even more.”
Cllr Price is recommended to agree to the introduction of the Empty Homes Loan scheme at Housing Scrutiny Committee on Tuesday 7 March.
Owners of an empty property who would like to discuss how the council can help them bring it back into use can call 01223 457622 or email env.services@cambridge.gov.uk
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