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Festival fights credit crunch with new affordable housing scheme
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| Saturday 28th February 2009 |
A new scheme aimed at making renting a property in Malvern more affordable is being launched by the Festival Housing Group. The idea behind the Intermediate Rent initiative is to offer homes to people who cannot afford to rent from the open market.
Properties allocated to the scheme will be rented out at a reduced cost; the new tenants can expect to pay 20% less per calendar month, when compared to equivalent accommodation from the private sector.
The first six apartments, which are currently being completed at Festival's Malvern Vale site, will be ready by the end of March this year with 9 more due for completion by the end of the summer. Rent will be £460 per calendar month (including service charges) for a 2 bed apartment and will be leased by Elgar Housing Association on the standard Assured Short Hold Tenancy for a 6 or 12 month period.
Executive Director of Elgar and Spa Housing Associations, Clare Huyton, explains why she is delighted with the scheme, "During these difficult economic conditions it is our top priority to provide affordable housing for people which in turn builds successful communities. Intermediate rent is an excellent way of expanding the supply of new rented homes and keeping the cost of renting down."
Applications are currently being accepted, so anyone who is interested in applying should contact the Karen Laydon of Festival's Home Ownership Team on 01684 579437.
For further press enquiries please contact Vicky Walsh, Communications & Marketing Assistant on 01684 579438. |
| Posted by 0 for Festival Housing |
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