A £2 million investment scheme has been started to help up to 68 households buy their own home in Eastbourne.
At a Cabinet meeting on Wednesday, members agreed to invest £1m in The Local Authority Mortgage Scheme (LAMS), due to launch in Autumn 2013.
The Eastbourne-led initiative will be supported by East Sussex County Council (ESCC), which will also invest £1 million in the scheme for the town.
The expansion of LAMS will complement the national Help-to-Buy scheme, offering more households the opportunity to own their own homes by helping local people overcome the high deposit requirements of some lenders.
Councillor Margaret Bannister, portfolio holder for communities, said, “This is a fantastic campaign which will enable dozens of local families to buy their own homes, together with making a significant contribution towards the housing outcomes that the council wishes to see for Eastbourne.”
The council has advised potential buyers to keep up to date with the scheme by regularly checking the Eastbourne Borough Council website for more information: www.eastbourne.gov.uk
•Twenty new homes for affordable rent will also be built in Eastbourne thanks to a £1.9m council scheme. At the same cabinet meeting, members voted to approve funding for the Support for Housing and Economic Progress (SHEP) initiative, between now and 2016. The SHEP scheme aims to provide Eastbourne with 20 one bedroom properties predominantly in the Town Centre and Devonshire ward area.
The scheme, designed to meet a high demand for affordable secure housing in the town, will be delivered by Eastbourne Homes, which manages the council’s housing stock. Currently more than 2,500 people are on the council’s waiting list for affordable rented accommodation. As part of the plans, unused commercial property will be redeveloped into residential accommodation and will help to reshape Eastbourne’s urban environment along with the plans for the Town Centre’s revitalisation. Initial discussions have taken place with a number of property owners who interested in working with the council on the scheme.
Councillor Margaret Bannister said, “Not only will the scheme help those who need safe and affordable homes to rent in our area, it will also help to bring empty properties back into use and contribute to the renovation and facelift we are delivering to our Town Centre.” See www.eastbourne.gov.uk