Property Australia

Homes for Homes heads towards $1 billion

PROPERTY AUSTRALIA August 4, 2020

Homes for Homes is opening a new funding round for social and affordable housing projects in the ACT and is on track to generate more than $1 billion to tackle homelessness over the next three decades.

Homes for Homes, established by The Big Issue, tackles Australia’s chronic shortage of social and affordable homes by raising funds for housing providers through donations from property sales.

Steven Persson, Homes for Homes CEO, says Australia currently suffers from a “shortfall of 600,000 social and affordable houses”.

“Homes for Homes is a long-term generational solution that gives those experiencing homelessness, marginalisation and disadvantage the freedom, independence and stability of secure housing”, Persson explains.

Homeowners register with Homes for Homes, agreeing to donate 0.1 per cent of their property’s sale price to the initiative at the time of sale. For example, a $750,000 sale results in a $750 donation.

Once a house is registered with Homes for Homes, the legal mechanism remains on the property title, prompting a donation each time the property is sold.

Previous grant rounds have released nearly $1 million to social and affordable housing providers.

Several Property Council members are project partners of Homes for Homes, including AnglicareSA, Capital Airport Group, Cook Building, Development Victoria, Grocon, Junction Australia, Mirvac and Toga

More than $500,000 has been issued in the ACT for projects that include a property for women over the age of 55 and a Community Housing Canberra development that transitions people with mental illness into independent living.

As the number of homeowners in the ACT embrace Homes for Homes enough funds have been raised to announce a third funding round in the nation’s capital.

Persson applauds the “overwhelming support” from Capital Airport Group and the community of Denman Prospect – Australia’s first Homes for Homes suburb. Homes for Homes is “on track to generate over $1 billion for social and affordable housing over the next 30 years,” he says.

“We are open to all applications from community housing providers and property developers. Any organisation that can create social and affordable housing is encouraged to apply,” Persson says.

The funding round opened this week and closes on Monday 31 August. Find out more about Homes for Homes and apply.

Image: In its last funding round, Homes for Homes granted Canberra Community Housing (CHC) $300,000 toward the build cost of a home to enable people with a mental illness to transition to a more independent living model with appropriate 24/7 support.