November 20th 2007
Housing NSW today congratulated the five successful tenderers for a Iemma Government initiative that will see 45 new homes for low to moderate income households built or purchased.
This is the second round of funding in part of the $50 million Affordable Housing Innovations Fund announced by the NSW Government in March 2007.
Cumberland Housing Cooperative Limited, Western Suburbs Housing Cooperative Limited and South West Inner Sydney Housing Cooperative Limited have been successful in receiving funding to purchase 26 homes, which will be managed in Sydney by these providers.
In Cessnock, Compass Housing Services has been selected for their proposal to build 11 new homes. In Randwick, Community Housing Limited has been selected for the proposal to build 8 new houses.
Both of these development projects involve innovative partnerships with local councils with an interest in the creation of affordable housing in their local areas.
The successful tenders from this round of funding demonstrate the strength of working with partners to deliver affordable housing, and these projects are expected to create 45 new homes for affordable housing.
This debt equity model stretches the Government dollar further; the NSW Government will provide 51 percent of the total value of the projects under the second round and the registered community housing providers will contribute the remaining funds through a combination of debt and equity.
The NSW Government’s funds will ensure a minimum of 24 of the 45 units will be dedicated to clients eligible for public housing, with the remaining units boosting the supply of affordable housing for low to moderate income households.
Tenders for the next round of funding round of $8 million will be called later this year.
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