Homes can be flats, houses and bungalows and are mainly two or three bedroom.
They are either for affordable rent or intermediate tenure:
Homes for affordable rent
These tend to be owned by a Housing Association and normally offer a tenancy that gives long term security, although some Housing Associations may offer fixed term tenancies with a minimum term of 5 years. Rents are up to 80% of the market rent for the area.
Homes for sub market rent – the properties are usually owned by a Housing Association, again offering a tenancy that gives long term security with rents slightly less than market rents (e.g. 90%).
Homes for affordable sale - there are two main models:
- Shared ownership - Purchasers initially buy between 25% and 80% of the home from a Housing Association and pay rent on the rest. They are able to buy further shares (to a maximum of 80%), ensuring that the Housing Association keeps an interest in the property.
- Discounted price - Purchasers buy a property at a reduced price and pay no rent. If the property is resold it has to be sold on at the same discount and marketed to people with a local connection.
How are affordable homes allocated?
Homes are allocated through the North Yorkshire Home Choice system (North Yorkshire’s Choice Based Lettings system).