Housing Affordability Fund first round shortlist announced
The Australian Government has short listed 33 projects for funding under the first round of local projects for the Housing Affordability Fund.
The Housing Affordability Fund is a Rudd Government initiative that invests $512 million over five years to target the planning and infrastructure costs that are incurred when building new housing developments.
The Housing Affordability Fund will help reduce the cost of building new homes by contributing to infrastructure costs and leveraging reforms at the local government level.
The , Tanya Plibersek, said 33 successful projects will share in $112 million worth of first round funding, subject to final business case analysis.
“Thousands of new home buyers are set to directly benefit from today’s announcement as each of the successful projects have demonstrated that they can pass on savings to home buyers,” Ms Plibersek said.
“These grants have been targeted towards areas with high demand for new, entry-level housing – home buyers can save on average $10-000 -$15,000 per lot through the Housing Affordability Fund.”
Ms Plibersek made the announcement of the short list at the Edmondson Park Land Release in Sydney’s south west.
The $1.5 million for the Edmondson Park project would contribute to the design and construction of road works, Cabramatta Creek storm water infrastructure, sewer trunk mains and water mains.
The developer has proposed to provide a rebate of $25,000 for low-moderate income households purchasing 88 of the 168 lots that would be opened up as a result of the Housing Affordability Fund.
Member for Werriwa, Chris Hayes, welcomed today’s announcement.
“This is a great example of what can be delivered when all three levels of Government work constructively together. The Housing Affordability Fund will deliver direct benefits to homebuyers – not just in my electorate of Werriwa but right across the country,” Mr Hayes said.
In the first round, the Housing Affordability Fund will deliver cost savings to 14,000 new homes and lots through the construction of bridges, water pipes, sewerage systems and community facilities.
In total, over 300,000 new homes will benefit if all the short listed applicants secure funding, via reforms to the planning and development approval processes in the relevant local government area. Short listed applicants have until the end of January to submit more detail about their project, with evidence about how savings will flow to home buyers.