BUCKINGHAM, U.K.–The Buckingham Council Cabinet has approved £30,000 in funds for a “rent-in-advance” program, with the funds to be accessible via a credit union.
The program is aimed at helping those who need immediate support to secure an apartment, but who do not have sufficient finances to do so.
The loans, will help people pay a month’s rent in advance – which is often a major stumbling block to them finding a place to rent.
The decision, in November, followed a three-month inquiry by an inquiry group on behalf of the Finance, Performance and Resources Select Committee.
“The group found that many are blocked from securing their own tenancy because, despite being able to pay the deposit, they can then not find the cash for the first month which is usually required in advance,” a local media report noted.
Inquiry Chairman and Councillor Steven Lambert, in a speech to cabinet, recommended that a pilot scheme be introduced with two local credit unions.
“This is designed to initially help around 60 people across the county with more people being able to access the funds as the loan is repaid and the money recycled,” he said.
The program would help approved people who would not normally meet the eligibility criteria because they do not have the 13-week history the credit unions expect.