New affordable housing initiative becomes reality

Victoria and the Australian Capital Territory will be the first to benefit from social and affordable housing funding under The Big Issue’s Homes for Homes initiative.

Following a competitive funding round, Housing Choices Australia, Habitat for Humanity Victoria, HousingFirst, and Women’s Property Initiatives will receive a combined total of $300,000, enabling a number of housing projects across Victoria.

Projects include developing and supporting housing projects for people with disability, for families in need, and for people at risk of homelessness.

Assistant Minister for Social Services, Housing and Disability Services, Sarah Henderson, said that Homes for Homes is an innovative approach to raising private funds to boost housing supply.

“The Australian Government is investing $6 million in Homes for Homes, and today its new affordable housing initiative became a reality,” Ms Henderson said.

This is a step in the right direction towards an increased number of affordable homes, and demonstrates the potential of this initiative.”

Under Homes for Homes, home owners voluntarily agree to make a tax deductible donation at the time of sale of 0.1 per cent of the sale price. These funds are then pooled and made available to organisations to deliver social and affordable housing projects.

“The generosity of homeowners donating to this initiative is testament to the Australian way. As more homes are built and sold, homeowners will contribute to the Homes for Homes donations pool, which is projected to raise $1.8 billion over 30 years,” Ms Henderson said.

For more information on the Homes for Homes initiative, please visit www.homesforhomes.com.au.