SafeDeposits Scotland launches Rent Deposit Fund with Rock Trust

SafeDeposits Scotland launches Rent Deposit Fund with Rock Trust

Mike Smith, head of Safe Deposits Scotland, and Gary Neil from Rock Trust

Tenancy deposit protection scheme SafeDeposits Scotland has introduced a Rent Deposit Fund, which will offer non-returnable deposits to young people who are homeless or at risk of homelessness to assist them in moving into the private rented sector (PRS).

The scheme has joined forces with Scottish youth homelessness charity Rock Trust, which has a successful track record in delivering similar initiatives and is the delivery partner for the new Fund.

Young people aged 16-25 who meet the criteria of the Rent Deposit Fund can apply to Rock Trust for a deposit funded by SafeDeposits Scotland. The charity will carry out a full assessment on affordability, suitability of preferred housing options, housing history and references, and provide low level support to assist the individual in preparing for and maintaining their own tenancy.

If the application is successful, the deposit will be held by SafeDeposits Scotland throughout the young person’s stay in the rented accommodation. When the tenancy ends the funds will be returned to the Rent Deposit Fund to support other young people. In the event that a landlord feels compelled to claim a deduction from the deposit at the end of the tenancy, SafeDeposits’ impartial adjudication service will be available as with any repayment dispute.

Mike Smith, head of SafeDeposits Scotland, said: “We are delighted to be introducing this scheme for young people in Scotland. The current economic climate is challenging to say the least and we hope that the funds we are making available will give young people who are homeless or at risk of homelessness a chance to commence a secure tenancy, with the guidance of our friends at Rock Trust helping them to ensure that the tenancy remains stable.”

Kate Polson, CEO of Rock Trust, said: “We are incredibly grateful to SafeDeposits Scotland for making this funding available for young people and for choosing to partner with Rock Trust. We know what an obstacle the upfront costs of private renting can be. Helping young people afford the deposits they need to rent their own home is a simple but life-changing way of supporting them to avoid homelessness.”

Landlords or housing providers interested in being involved in this initiative are asked to email or call 0345 222 1425.

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