S.106 funding?

Hi,

has anyone got examples of utilising S.106 funding for empty homes initiatives, please?

That is before any S.106's completely disappear.

many thanks in advance

Forums: 
grants, loans, funding

We have used s106 funding for 2 schemes:

1. Purchase and repair of empties by RP partner.

2. Offer of shared equity loan to help first time buyers purchase property. We met the requirements for 'affordable housing' by providing a loan of sufficient size so that the repayment amounts met our affordable housing definition. Households applying had to earn under £30,000 and repayments must be no more than 25% gross monthly income. So this was a low-cost home ownership scheme. Conditions are much better than the current Help-to-Buy scheme. This was not targeted specifically at empty properties but I used it as an opportunity to promote empties on the market and half of applicant supported purchased empty properties.

 

Sue

Sue Li

Compulsory Purchase and Enforcement Officer

Derby City Council

We have used s106 funding for 2 schemes:

1. Purchase and repair of empties by RP partner.

2. Offer of shared equity loan to help first time buyers purchase property. We met the requirements for 'affordable housing' by providing a loan of sufficient size so that the repayment amounts met our affordable housing definition. Households applying had to earn under £30,000 and repayments must be no more than 25% gross monthly income. So this was a low-cost home ownership scheme. Conditions are much better than the current Help-to-Buy scheme. This was not targeted specifically at empty properties but I used it as an opportunity to promote empties on the market and half of applicant supported purchased empty properties.

 

Sue

Sue Li

Compulsory Purchase and Enforcement Officer

Derby City Council

We used S106 in a number of ways to support our empty homes initiative in Exeter, and I did a presentation on it. I have added that to the Practice Library as a Case Study. You'll need to be a Full Member and logged in to access it.

Although these examples go back many years, and the ground is always being shifted from under our feet with S106, the basic principles and suggested options are still valid as far as I know.

I had problems uploading the file when I first added the case study - but that has now been sorted....

The case study is available here.