Kentish Express Ashford & District
£12m to restore vacant properties
A £12 million fund has been announced by a Kent County Council homes initiative to revive derelict houses.
No Use Empty is a scheme which provides loans to owners and developers to bring long term empty properties back into use.
It offers interest free loans of up to £175,000 and has previously benefited many parts of the county, with current projects in Dover, Folkestone and Ramsgate.
Mike Whiting, cabinet member for economic development, said: “With the UK experiencing challenging times and the impact facing the construction industry, initiatives such as No Use Empty are becoming increasingly important.
“I’m pleased to have secured this substantial additional money for the scheme, offering short-term finance to those wanting to bring derelict sites into use for new homes. This will further support the Kent economy as well as allowing us to regenerate local communities.
“The construction industry sustains thousands of people in various roles and associated sectors, boosting the economy.
“We have provided £33.7 million in short term secured loans, which has levered £33.3 million of additional public and private sector finance, making a total investment of £67 million.
“Since No Use Empty launched in 2005 it has returned 6,326 homes back into use and this additional £12 million investment by KCC is a tremendous boost.”
Action on Empty Homes revealed that in 2018 there were 6,172 vacant residential properties worth an estimated £1.8 billion in Kent.
Steve Grimshaw, programme manager for No Use Empty, said: “Last financial year was exceptionally busy and there does not appear a dip in demand.
“With cross-county support and several districts providing additional funds for No Use Empty to administer, the scheme continues to diversify.”
Application packs are available from KCC.