Main RIHF fund
The main part of the Rural and Islands Housing Funds (RIHF) can help you to:
- build new homes for affordable rent or sale
- make empty homes ready to rent or sell
- change buildings that've been used for business into homes
If you apply for this fund you can ask for a:
- grant - you will not have to pay it back
- loan - you'll have to pay it back
- mixture of both grant and loan
The money from this fund must be used for costs you'll pay once e.g. the building or renovation work that's needed. These are called 'capital costs'.
Public sector bodies cannot apply for a loan - they must choose a grant.
Homes for rent
If you choose a grant, the homes must be always be rented at an affordable rate.
If you choose a loan, the homes must be affordable for 10 years or as long it takes you to pay back the loan. Whichever is longest.