Unsold Affordable Housing is the term used for properties, originally built for sale as affordable homes, that were sold at a discount of the market price to people who could not afford to buy on the open market. Due to the downturn, some of these properties could no longer be sold and local authorities have been leasing these to housing associations for those on social housing waiting lists.
The lease is for a period of up to five years. Clúid lets these properties at an affordable rent to people on the social housing waiting list.
The units are property managed by Clúid.
The scheme not only provides housing to those waiting for a home, but also gives local authorities a respite from expensive interest payments on loans, to be diverted to such needed services.