Lower income applicants who lack the savings to pay the necessary rent deposit could qualify for one of two deposit bond schemes. These schemes are offered to Torfaen residents who meet certain needs-based criteria.
Torfaen Council regularly refers local residents to these schemes as a means for reducing homelessness. By helping people get into an affordable rental property, these new tenants can focus on employment to maintaining stability in the household.
People who cannot save enough money for advance rent and a deposit often find themselves couch surfing at friends’ homes or relying on transitional housing or hostels. When they wear out their welcome there are few places to turn.
Since Torfaen’s private landlords normally demand a full month of rent deposit in addition to advance rent, many people might otherwise be left out in the cold without assistance. These two schemes provide the help they need to actually meet the rental application requirements.
Seren Living Bond Assistance
Council has partnered with Seren Living to provide a channel for poor residents to receive bond assistance towards a new tenancy. This bond scheme targets certain people who have been or may become homeless.
Someone who is already homeless could quickly meet the qualifications to receive bond assistance and move into one of the homes managed by Seren Living. This housing association can provide access to the aid when it determines that the applicant could otherwise afford to pay the ongoing rent payments.
Some tenants could also qualify for the bond scheme if they are unable to afford their current home but cannot come up with the funds necessary to move out. Seren Living could help them make this transition. Anyone who feels they meet the definition of “low income” may enquire about the rental bond assistance scheme with Seren Living by calling 01633 225092.
Solas Bond Scheme
Solas Cymru is another potential source for gaining assistance with rent deposit. Specifically a paper bond guarantee is offered to those who lack the savings to meet the rent deposit requirement.
Participating landlords in Torfaen agree to accept the certificate in lieu of an actual cash deposit. The bond guarantee allows tenants access to homes that normally require a full month’s rent deposit.
The paper bond guarantee is available to young people who may be homeless or are in danger of becoming homeless. These “Highly Vulnerable Young People” may benefit from supplemental advice and counselling to help them deal with many challenges that they face. The bond scheme is a part of the MoveIn service that attempts to house as many young people as possible who just need a bit of help to become independent. It is a part of the Torfaen Young Person’s Scheme.
To get help, residents may call 001633 225092 to schedule an advice session at Solas’ office in Pontypool.