10th April 2008

NCHA launches Bond scheme

True to NCHA’s reputation as innovators in housing, a new bond scheme to assist tenants to move on from Housing with Care and Support accommodation into independence has been launched for 2008.

This scheme will see NCHA putting up the bond required by a landlord to secure rented accommodation for tenants wishing to move on. Tenants would then be offered a period of floating support and be assisted to save up to “buy” this bond back from NCHA. The money would then be available to support another tenancy.

This scheme has been set up in response to several factors which have been identified as potential barriers to successful resettlement. These include dwindling social housing stock, increased market rents and the restriction in Local Housing Allowance for young people under 25. In addition key stakeholders such as Supporting People have made it clear that creative use of the private rented sector is seen as critical in achieving positive outcomes.

A consultation exercise has taken place with young people, and managers are developing a policy which will give guidance on application criteria and administration of the scheme. When completed, this will then be issued to all staff and tenants.