Redwood Heights - Plymouth
Rentplus sites in progress:
Rentplus is an innovative affordable housing product, which, without reliance on public grant, will bring substantial UK institutional investment into the affordable housing sector. Rentplus has been developed in Plymouth by Pillar Land Securities Limited and Tamar Housing Society working with Plymouth City Council.
People on the housing register who aspire to home ownership will be able to rent an affordable home from Rentplus, with the opportunity to purchase that home after a period of time. Tamar Housing Society will manage the homes on behalf of Rentplus and support tenants progressing to ownership. In addition to benefiting from an affordable rent, tenants buying their Rentplus home will be gifted a ten per cent deposit to assist with their purchase.
Rentplus is ideal for people who are in training, starting out in employment or members of our armed services.
Rentplus has Ministerial approval, and it provides a real opportunity to people in housing need that aspire to home ownership and will never reach the top of the housing list. Rentplus complements existing forms of social rent and affordable housing and provides a step change increase in the number of affordable homes and a stimulus to the local economy (jobs, training and skills).
Rentplus has agreed with Plymouth City Council to fund at least 500 new affordable homes in Plymouth over the next five years, bringing significant investment into the city. As tenants move into ownership, the Rentplus model intends that their homes will be replaced with new Rentplus homes for rent.
Construction work on the first two schemes is well underway with over 50 new Rentplus homes already completed and occupied at Palmerston Heights, Plymouth and Corelli, Sherborne. New homes at Hartley Gardens, Mannamead have started on site and further information will be available as the scheme progresses..
Julie Barnett, Chief Executive, Tamar Housing Society, said: “I am delighted to be working with Rentplus to offer affordable rented homes to local people and the opportunity to help and support those households into home ownership after a period of renting”.
For further details, please see http://www.rentplus-uk.com/ or register your interest by completing this form
Additional information will be available later this year.