Mid-market rented homes are part-furnished homes, which are let for a rent that is higher than Council housing, but lower than many properties in the private rented sector.
Members of Stirling Council approved plans to use a grant of £3.422 million to retain the homes as mid-market rented properties in perpetuity.
Instead of selling or transferring the houses into the Council's Housing Revenue Account, the funding allows all 118 homes to be let as Steadfast Homes LLP, with the Council's Housing Service managing and maintaining the properties. There is also the potential for the portfolio of mid-market rented properties to increase. Tenants will be contacted to let them know about the changes shortly.
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Councillor Jim Thomson, Housing Portfolio Holder said: "I am pleased we have been able to ensure that current and future tenants living in properties owned by Steadfast Homes will no longer have the uncertainty of not knowing how long they can remain in a mid-market rented property."
Councillor Alasdair MacPherson, Depute Portfolio Holder for housing added: "The ability for Steadfast Homes to continue to let these good quality homes at an affordable rent over the long term is great news and this has only been possible because we have received funding support from the Scottish Government."
