Homes for Homes, the not-for-profit organisation established by homelessness social enterprise The Big Issue, will provide $100,000 to YWCA and $100,000 to Community Housing Canberra to help increase the supply of social and affordable housing.
YWCA Canberra will receive $100,000 towards establishing 10 supported dwellings for older women and women with children who are experiencing family violence.
Community Housing Canberra will receive $100,000 to build two homes, which will help women transition from custody to secure housing, employment and community connections.
Homes for Homes chief executive Steven Persson said the funding had been made possible with the support of the federal government, several state governments, property developers, and several other partners and the broader community.
“By 2036, the gap between the supply and demand for social housing is projected to grow to as much as one million properties – posing a major challenge for our community at large,” Mr Persson said.
“Homes for Homes is an all-of-community solution, and funding milestones like these show the power of coming together to make significant inroads in solving this problem.”
Minister for Homelessness, Social and Community Housing Michael Sukkar said the federal government was pleased to contribute to Homes for Homes, noting that the government had committed $6 million over four years (as announced in the 2017-18 budget).
“The seed funding provided to Homes for Homes has established a long-term approach to creating more social and affordable housing, and we are pleased that they are already making a tangible difference with announcements such as those made today,” Minister Sukkar said.
Homes for Homes raises funds through voluntary donations from home owners agreeing to include a caveat on property titles, which enables a tax deductible donation of 0.1 per cent of the sale price to be made to Homes for Homes. This funding is granted to “experienced housing providers” to increase the supply of social and affordable housing.
The organisation said it is on track to raise in excess of $1 billion over 30 years.
It has so far allocated nearly $1 million in funding since launching in 2015.
[Related: PEXA partners with homelessness organisation]
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Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.