Property Exchange Australia (PEXA) has announced that it has entered into a new funding partnership with Homes for Homes, in a bid to support the latter’s goal of addressing homelessness in Australia.
Under the partnership, PEXA will grant at least $250,000 in funding to Homes for Homes across two years through a national grant disbursement program designed to help increase the supply of social and affordable housing for those who require it.
The funding partnership has marked a continuation of the relationship between PEXA and Homes for Homes, as PEXA began embedding the Homes for Homes donation mechanism into their electronic conveyancing platform in 2018, PEXA and Homes for Homes said.
Homes for Homes describes itself as a social enterprise that aims to end homelessness by asking property owners to donate 0.1 per cent of the sale price of their property to Homes for Homes. Property owners can claim the tax deduction when they lodge their tax returns.
These funds are then pooled and disbursed to community housing providers to increase the supply of affordable and social housing, according to the organisation.
It added that it is on track to raise more than $1 billion for social and affordable housing over the next 30 years, with more than $940,000 already been granted to eight projects housing 32 people.
While the organisation is operational in NSW, Victoria, ACT, South Australia and Western Australia, it said it would expand to Queensland, the Northern Territory and Tasmania.
Commenting on the partnership, PEXA CEO Glenn King said PEXA’s team is “passionate” about extending its remit to help reduce homelessness in Australia.
“PEXA is excited to evolve our partnership with Homes for Homes to build a unique shared value program that brings together our employees, members and government partners to assist in solving a significant social issue facing our country,” he said.
“We spend our days focused on getting people into their homes, and tackling homelessness is an important and necessary extension of that work.”
Homes for Homes CEO Steven Persson said that the organisation is pleased with PEXA’s support during what he called a “crucial time” for social and affordable housing.
“More than ever, a collaborative, sustainable solution is needed to end homelessness in Australia, and we commend PEXA for taking great industry leadership by committing to help solve this issue,” he said.
“Homes for Homes will distribute this funding to community housing providers through a robust governance framework, meaning more people experiencing homelessness and disadvantage nationally will get to experience safe, secure and permanent housing.”
[Related: PEXA names new COO]
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Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.
Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.