More affordable housing stock is being delivered to inner-Sydney, following the release of more than $23 million to a key affordable housing supplier, thanks to a NSW Government policy.
Minister for Planning and Housing, Anthony Roberts, today delivered a cheque for $23,271,466.83 to City West Housing, a not-for-profit affordable rental-housing provider.
"These funds were raised through an affordable housing contribution on 11 developments across Green Square and Pyrmont-Ultimo and will be used to provide affordable rental housing around the City of Sydney," Mr Roberts said.
"More affordable rental housing helps families get ahead in the Sydney housing market.
"This program is part of the NSW Government’s comprehensive response to tackling housing affordability and complements measures to boost supply, increase stamp duty concessions for first homebuyers and build more infrastructure to support housing."
City West Housing’s CEO, Leonie King said: “While demand for affordable rental housing has never been stronger, our pipeline of new properties will go a long way towards meeting that demand, and the funding we receive under this policy is critical to helping us fund that pipeline."
City West Housing is about to commence construction on 174 units in the City of Sydney, part of a program to deliver 640 additional affordable housing units in the City of Sydney by mid-2023.
The NSW Government has recently proposed to expand the program to five more councils – Randwick City, Inner West, Northern Beaches, City of Ryde and City of Canada Bay.
Sydney Lord Mayor Clover Moore said one proven and effective response the cost of housing across metropolitan Sydney – and especially in inner Sydney, was the levy that funds City West Housing to build new affordable rental housing.
"As demonstrated in Green Square, this approach is delivering substantial new affordable housing, without impacting on the viability of development," the Lord Mayor said.
"City West rents properties at below market rates to enable low income workers to live close to where their services are urgently needed to keep our city operating."
Image: (L-R) Sydney Lord Mayor Clover Moore; Minister for Planning and Housing, Anthony Roberts; City West Housing CEO Leonie King; Councillor Craig Chung, Councillor Christine Forster.
15.03.2018 | pdf | 117.3 KB