Summary:
The Enhanced Long Term Social Housing Leasing Scheme provides the opportunity for Local Authorities to lease from institutional developers and investors in a manner that delivers social housing at scale and achieves the best outcome for all parties. The lease term is 25 years, and the Local Authority pays up to 95% of an agreed market rent at commencement of the lease to the lessor. Each proposal should include a minimum of 20 no. properties in any Local Authority area.
Eligibility:
Proposers must be a corporate entity established under the Companies Act 2014, submit a declaration regarding solvency, not engaged in illegal activities etc., submit funders’ support letters in accordance with template wording, complete and return all documentation outlined in the Call for Proposals document, outline how it is proposed to maintain the properties for the duration of the lease, and ensure that properties proposed meet all statutory requirements and the Housing (Standards for Rented Houses) Regulations 2017.
Funding Amount:
The Local Authority (the lessee) pays up to 95% of an agreed market rent at commencement of the lease to the lessor (owner of property).
How to Apply:
Applications are still open for the Enhanced Leasing Scheme, but it is due to be phased out by 2026. Applications from 1st January 2022 will need to be supported by Housing for All delivery targets which have been allocated to Local Authorities. All proposals will be assessed by the Housing Agency, in conjunction with the relevant Local Authority.
Deadline:
The scheme is due to be phased out by 2026.
