An empty home refurbishment partnership that will transform empty properties for affordable home ownership for first time buyers has been approved by the Council’s executive.
The City Council will provide £2m in recyclable grant funding to Mosscare St Vincent’s (MSV Housing Group) that could see up to 90 empty homes brought back into use for sale that will provide an alternative route on to the property ladder.
MSV Housing Group will acquire the properties, undertake the refurbishments and market them for sale to first time buyers or to residents on or below the city’s average household income, who want to become owner occupiers.
In line with the Council’s target to become a zero carbon city by 2038, the partnership will also review the option to fully retrofit the homes to be as close to zero carbon as possible. However, this will significantly increase the cost of refurbishment and this option would see around 30 properties made available through the grant funding.
The current housing market in Manchester shows there is a significant number of lower value properties in the city (more than 70% of all homes in the city are Council Tax A and B) but the only way to access many of them is through the traditional high street sales route.
The Council is committed to developing new models to deliver affordable homes across the city. This partnership will help to improve the mix of affordable housing options available to residents to meet demand across a range of property types and tenures to meet demand.
The £2m grant is from the Council’s Affordable Homes Fund, which holds Section 106 developer contributions negotiated through the planning process.
The City Council has committed to 6,400 affordable homes between 2015 and 2025 across a mix of tenures.