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Local Authorities and Housing Associations across the UK can now access a brand new solution to help many more low income renters find new homes and save public funds, through The Ark Passport.
With the introduction of Universal Credit and the uncertainty around direct payments, social housing providers are now having to reconsider their business models. In the current climate councils are having to supply a bond as security to house benefit assisted tenants in the private rented sector, so local community budgets are inevitably being stretched to capacity. For example, based on a budget of £200,000 this would only allow a local authority to house 200 families. However the new Ark package allows local authorities and housing associations to over double the amount of applicants they can house for just £350 a time, and if they’re sharing a property the second tenant only pays £100.
It has been devised by an experienced team of property investors and insurers who wanted to find a pro-active way in giving landlords security against such issues. It also gives renters the opportunity of acquiring a passport to help secure decent accommodation, overcome the need to find prohibitive deposits and rent in advance as well as enabling tenants to build their credit rating and reference history.
The Ark Passport combines these three elements to provide the key to finding a better home:
Whether you are a social or private landlord, protecting your rental income is paramount. The risk of non-payment can be managed in a number of ways, and The Ark allows landlords to manage this risk accordingly:
The ARK provides the products for those organisations that want to become more commercially orientated to:
I’ve printed this off to take to my next local authority landlord forum
This sounds great, well done guys!
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