Renters and social housing tenants will be among the first to benefit from the NSW Government’s Build-to-Rent model – part of the largest social and affordable building program in the country, Communities Plus.
Build-to-Rent increases housing supply by seeking consortia to fund dedicated rental housing.
Minister for Social Housing Pru Goward said the Redfern Communities Plus site would be the nation’s first ever Build-to-Rent housing model to integrate social and affordable housing with housing supply for the broader community.
“This model is a great addition to Communities Plus – increasing housing supply for people looking to rent as well as supporting vulnerable people in need of social and affordable housing,” Ms. Goward said.
“Communities Plus sites are first-class in their design and integration and the Redfern site is no different - a stone’s throw away from the CBD, close to transport, TAFE, universities and endless job opportunities.”
Ms. Goward said the Build-to-Rent model allows the Government to retain valuable state-owned land while investors, in partnership with the Community Housing Providers fund, build and manage the site under a long-term lease.
“Under this innovative approach, we are able to provide Government-owned land to investors under a 40-year lease and at the end of the term, the asset is retained by the Government.”
CEO of NSW Federation of Housing Associations Wendy Hayhurst said: “This is a sign that it’s not business as usual in NSW. It is fantastic that the NSW Government is looking at new models for delivering homes in central locations for people priced out of home ownership and finding it hard to get good quality and secure rental homes.
“Mixing build to rent, social housing and affordable housing together in a well-designed, planned way is exactly what’s needed to create lively, sustainable and diverse communities.
"That’s why we welcome this new initiative and we hope it encourages all levels of government to think about how they can contribute to increasing the supply of social and affordable rental housing.”
Executive Director of Property Council NSW Jane Fitzgerald said: “This is a great first step towards establishing a Build-to-Rent sector in NSW and an example of a Government willing to get on with the job of providing more private and affordable rental housing.
“There are more people than ever in the community who are renting and Build-to-Rent is the perfect product to meet this demand.”
Communities Plus will deliver up to 23,500 new and replacement social and affordable housing dwellings and up to 40,000 private homes over the next 10 years across NSW.
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