Pioneering Programme Hits £5 Million Mark
The West Midlands Kick Start Partnership alongside key stakeholder, ART Homes Ltd, has recently completed over 400 loans - hitting the £5 million mark – in its continuing efforts to offer support to vulnerable homeowners by offering them a range of customer focused loan based housing assistance.
The innovative Partnership, made up of seven West Midlands Local Authorities, has been instrumental in testing and engaging the use of financial products to stretch the capacity of public funds using the fund management and financial advice expertise of financial intermediary, ART Homes Ltd.
Sue Simmons, West Midlands Kick Start Partnership Programme Director, said: “Our aim has been to explore the use of new tools and create a new approach to the practice of delivering private sector housing assistance and our three year Pilot Programme demonstrated potential demand for equity release products on a significant scale across the region. We are very pleased that a strong relationship has been forged with ART Homes Ltd and that we are, as a result of this, able to deliver positive choice and opportunities to vulnerable homeowners.”
Graham Wood, General Manager - Service Development for ART Homes Ltd said: “Working closely with the Partnership, ART Homes Ltd has developed a range of tailor made loans designed for low income and vulnerable homeowners, including the Property Appreciation Loan. To date we have distributed over £5 million worth of loans through the seven Local Authority partners, offering much needed financial assistance to homeowners across the West Midlands.”