The government has published its Rent to Buy prospectus today inviting applicants to bid for up to £200m of recoverable loans.
The prospectus sets out the detail of the funding and bidding process of the Rent to Buy scheme which is designed to support building of fixed term affordable homes between 2015 and 2017.
Funding is available for schemes outside of London and bidders have the flexibility to repay the loan at any time but must retain and let the homes at affordable rent for a minimum of seven years post completion.
They must also repay the loan no later than 16 years after construction of the funded homes.
Following the government’s Autumn Statement in November 2015 the Rent to Buy programme has now closed to new applications.