Seaside Community Homes has raised another £2.27M for Brighton & Hove City Council to refurbish empty council homes. The funding is the latest tranche of money raised by the charity and will be used by the council to maintain Decent Homes standards in its housing stock.
The latest round of funding brings the total raised by the charity to over £25.8m with 435 properties brought back into use and a further 21 currently being refurbished.
The ongoing success of the business model comes at a time when around 50 other local authorities are starting, or thinking about starting, their own housing companies in order to raise investment for improvements or development.
Chair of Seaside Community Homes Roy Crowhurst said, “The investment made by Seaside has brought many long term empty properties back into use, some of which were becoming a blight on neighbourhoods by attracting vandalism, anti-social behaviour and squatting. Our investment has been instrumental in the council reaching its 100% Decent Homes target. This additional investment will enable the council to maintain its homes at those standards.
Seaside Homes was established by Brighton & Hove City Council to refurbish the council’s leased housing stock.
- By using commercial loan finance rather than council funds
- Over 400 council properties renovated
- £3.6m pa saving on nightly booked accommodation to the council
- £15.8m capital receipt paid to the council
- £10m invested in the council’s leased housing stock