Thursday, June 30, 2016

Affordable Housing project in Armidale

Northern Tablelands MP Adam Marshall has announced that Community Housing provider Homes North will develop a six-unit Affordable Housing complex in Armidale. According to The Northern Daily Leader, the project will be undertaken in conjunction with property developer Hibbards.

Above: a Community Housing development in Northwestern NSW

National Shelter's rental affordability index provides that the rental market in Armidale is 'relatively unaffordable' for low income households - meaning they pay over 30% of their income in rent on average. 

Although Homes North manages over 1000 Social and Affordable Housing properties in New England and Northwestern NSW, this represents its first foray into property development. According to Mr. Marshall's announcement, the NSW Government "has helped Homes North to increase its borrowings in order to supply more affordable housing". It is believed this was achieved via the transfer of Public Housing stock from NSW Land and Housing Corporation to Homes North. 

The 'Future Directions' plan for the Social Housing portfolio from 2016-2026 outlines an intent to transfer management and/or ownership of Public Housing to Community Housing providers, such that community providers own or manage 35% of all Social Housing in NSW.

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