Grants and interest-free loans available for empty property owners

Owners of empty properties in Bridgend County Borough could be eligible for a grant or an interest-free loan to bring their building back into use as part of an ongoing drive by the local authority to address the issue.

Bridgend County Borough Council is offering a range of schemes designed to restore empty properties that have been empty for more than six months, helping to create additional accommodation to meet the demand for housing.

There are currently three different grant schemes available, each with their own eligibility criteria:

• Up to £15,000 is available under the local authority’s Empty Homes Property Grant per unit for a conversion into more units for example, if one property was made into two or more separate properties, or up to £10,000 is available per unit for a like-for-like conversion
• Up to £20,000 is available under the Western Valleys Empty Property Grant Scheme per unit of accommodation. The grant available is up to 75 per cent of eligible costs and is in return for a five year nomination rights period. Or, if applicants commit to a grant nomination of three years, they could receive a grant of up to 50 per cent of the eligible capital costs, up to a maximum of £12,000 per unit. Additional funding is also available for energy efficiency measures such as insulation, heating measures and solar panels
• Up to £30,000 is available per unit of accommodation under the council’s Homes in Town Grant which aims to tackle vacant space within the inner core of the town centre by converting it into residential space.

 

We know there are many reasons why a property may be empty but one of the main barriers is often the cost of renovation works.

With a number of financial packages available, the local authority can contribute to the costs involved and help empty property owners in bringing their properties up to standard so that they can be occupied.

There are a number of benefits bringing empty properties back into use – for owners, they can receive an income from renting, leasing or selling their property and for the wider community, it increases the supply of good quality affordable housing, reduces the risk of vandalism and enhances the viability and vitality of the area.

Bridgend County Borough Council’s Cabinet Member for Wellbeing and Future Generations Dhanisha Patel

More information on the financial assistance packages available which also include interest-free loans can be found on Bridgend County Borough Council’s empty properties webpage.

The grants and loans provided by the local authority are to bring properties back into use either for sale or for renting through nomination rights.  While all grants are in exchange for nomination rights for social housing purposes, the interest-free loans do not contain any requirements. The funding does not cover renovation grants for home owners or people who want to remain in the property.