§ Mr. MartlewTo ask the Deputy Prime Minister what plans he has to promote equity release schemes to assist with disrepair in the owner-occupied housing sector. [65720]
§ Mr. McNultyThe Regulatory Reform (Housing Assistance) (England and Wales) Order 2002 was approved by Parliament on 28 May and will come into force very shortly. It will allow local authorities to develop equity release schemes for housing renewal. This Order contains a new power enabling local authorities to provide assistance to owner-occupiers for the repair, improvement or adaptation of their properties. Such assistance can be provided in a variety of ways including grants, loans or equity release schemes. It replaces the powers contained in the Housing Grants, Construction and Regeneration Act 1996 which allowed local authorities to make renovation grants available to homeowners.