The new ‘Houses to Homes’ Recyclable Loans Fund enables local authorities to offer interest free loans to landlords to renovate empty run-down residential properties and return them to use as homes for sale or rent.
Loans will be repaid over a fixed period, making the money available for further loans to turn more empty houses into homes.
Housing, Regeneration and Heritage Minister Huw Lewis said,
“One of the biggest issues facing the housing sector at the moment is the lack of housing supply both for sale and for rent. Empty homes are not only a wasted resource, especially at a time when the need for housing is so great, but they can also attract vandalism and anti-social behaviour and can damage the appearance of our neighbourhoods.
“This fund will operate across Wales, helping return residential properties to good condition for use as a much needed and valuable home and will also provide much need employment in the construction industry. The fund is a key commitment in our Programme for Government and I hope it will go some way towards improving our communities and the chances of families to find a suitable home.”
Landlords and owners of empty properties can apply for loans through their Local Authority.