On Fareham's choice based lettings system - LetSelect - you may begin to see properties advertised as a new type of tenancy called 'Affordable Rent'.
Affordable Rent is a new type of social housing tenancy provided mainly by Housing Associations but also by some Council's. The Affordable Rent tenancy model will be offered on new build homes and some existing homes that become available for re-letting.
You need to be aware that the rent for properties offered under Affordable Rent terms are higher than for other types of council and housing association properties, although still lower than private sector tenancies.
The rent will be set at a maximum of 80% of the local market rent. If you cannot afford to pay the rent you will be able to make a claim for Housing Benefit which may pay all, or part of, the rent subject to your income.
Another important difference is that Affordable Rent tenancies will be offered on a fixed term for a minimum period. Each landlord could have a different fixed term tenancy period but the majority of tenancies will be for at least five years.
The tenancy will be reviewed at the end of the fixed term and will either be:
• Reissued for another fixed period
• Notice will be served to end the tenancy
If notice is served the Housing Association (or the Council) will have to provide reasonable advice and assistance to help you find alternative suitable accommodation. This could include the option of selling the property to you under a shared ownership arrangement.
One of the main purposes of this new type of tenancy is to provide the Housing Associations with the funding to help towards building new homes in the future. This new tenancy also meets the Governments requirements for social housing to be more flexible to the changing needs of tenants and to overcome issues of under-occupation whilst protecting vulnerable and elderly tenants.