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Working together to tackle overcrowding 20t h October 2010

Working together to tackle overcrowding 20t h October 2010. What is covered by this presentation. Outlines the HousingOptions service and the intermediate housing schemes currently available;

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Working together to tackle overcrowding 20t h October 2010

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  1. Working together to tackle overcrowding 20th October 2010

  2. What is covered by this presentation • Outlines the HousingOptions service and the intermediate housing schemes currently available; • Explains the system that is in place to help social housing tenants and junior households to access intermediate housing in SE London

  3. What is Housing Options? • Govt. funded housing initiative • Launched on 1st April 2006 • 2 London Homebuy Agents Appointed…

  4. Who are the Homebuy Agents?

  5. What do Homebuy Agents do? • 1 stop shop • Share Database • Host www.housingoptions.co.uk website

  6. Housing Options Products • New Build HomeBuy & Resales • Intermediate Market Rent (IMR) • Rent to Homebuy

  7. NewBuild Homebuy & Resales • Part Buy – Part Rent • Brand new or existing homes • Purchase between 25%-75%

  8. Example of the costs of buying a NBHB property • Miss C recently bought a 1 bed apartment from Notting Hill in Croydon called New South Quarter • Full value of this property was £145,000 • She earns £22,000 a year and had savings of £6,000 • She bought a 25% of the property (£36,250) • Her monthly payments are as follows: • £248 for her mortgage repayments • £249 for her rent • £100 for her service charges Total £597 Monthly cost of renting a 1 bed property in Croydon is £600+

  9. Intermediate Market Rent • Rented schemes that charge rents that are 20% to 25% below open market rent levels • There is an expectation that tenants will buy a low cost home within 5 years

  10. Rent to Homebuy • Rent a brand new or existing home for up to 5 years • Rent set at 20-25% below market rent levels • Can then buy the property under NBHB

  11. Who is eligible? All applicants must: • Have savings (or access to) at least £3,000 to cover the cost of buying a home; • Be employed on a permanent contract of employment; • For IMR have at least 6 months remaining on an employment contract • Sell their existing homes if they are home owners; • Have a good credit history; and • Have a deposit of anything between 10% and 25% of the share they wish to buy.

  12. How will tenants and junior households be assisted under HousingOptions? LA designated ‘Overcrowding Officers’ will write to tenants and junior households to: • Highlight the intermediate housing opportunities that are available in SE London and will enclose a flyer and HO SELOP 1 Form. • Tenants/junior households will be invited to return their completed SELOP 1 Forms to the OOs by a given set date. • When the SELOP1 Forms are received and checked by the OOs these will sent to the HousingOptions E&A Team to be registered. • Junior households will be given Priority 1 status and once registered under HO tenants and junior households will use the HO website to access intermediate housing properties in SE London.

  13. Any Questions?

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