Federal funding boost to Homes for Homes to increase supply of affordable housing

The Turnbull Government today announced a boost to the supply of social and affordable housing with a $6 million investment in The Big Issue’s Homes for Homes initiative.

Federal Minister for Social Services, Christian Porter, joined Homes for Homes Chair, Sonya Clancy, and David Waldren from Grocon on a site visit Grocon’s Greenwich Fairfield development in Melbourne’s north-east.

Minister Porter said Grocon’s partnering with The Big Issue through the 75-apartment complex development was a great example of the Homes for Homes initiative, which aims to raise $2.4 billion to increase the supply of affordable housing.

“Under the voluntary scheme, homeowners and organisations involved in property transactions donate 0.1 per cent of each sale to Homes for Homes when a property is sold,” Minister Porter said.

“Under this initiative, individual homeowners or national property developers are helping those who don’t have a roof over their head.

“Over the long term these donations, which is just $500 on a $500,000 property, will generate a significant pool of funding to be provided through Homes for Homes to community housing providers to build more social and affordable houses.

“The Government’s $6 million funding for Homes for Homes is intended to give the organisation the capacity to build on its early successes by developing its organisational capabilities and helping it achieve its aims.

“This is the Government, the community sector and businesses working together to help ease the shortage of affordable and social housing.”

Homes for Homes Chair, Sonya Clancy, said participating property developers have a pipeline of more than 10,000 properties already committed to the scheme.

“We expect to raise $2.4 billion for Homes for Homes over 30 years,” she said.

Minister Porter said developing alternative sources of capital for social and affordable housing is critical to helping Australians who are homeless or who are unable to access safe and secure housing.

“Homes for Homes is doing this by tapping into private sector capital to generate funding for new affordable and social housing and should be congratulated for its innovative approach to help address this important social issue,” the Minister said.