Waverley Council’s Affordable Housing Program offers a density bonus to developers who provide affordable housing as part of their residential development. A bonus is offered only to projects where the increased density can be accommodated within a building in a manner that will not compromise the environmental amenity of the surrounding area.
The affordable housing units can be provided in perpetuity (that is permanently) or for a specified time, with rent capped at well below market rent. The council owns units that are provided in perpetuity. Rent-capped units are owned by the private developer, or private owner, and leased to council for a capped rent lower than market rent for a specified time.
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Waverley Council provided a density bonus to the Orion Group, a private developer operating in the eastern suburbs of Sydney, in exchange for providing some of their developments as affordable housing.
A registered social housing provider manages the affordable housing properties under a headlease agreement between the provider and the council.
A standard Residential Tenancy Agreement is then executed between the provider and the affordable housing tenants. |
The density bonus increased the commercial attractions of the development while still providing environmental amenity and affordable housing at no cost to council.
It was therefore mutually beneficial for the council, the developer and the community.