City West Housing has contributed to an important new report into funding and developing affordable housing at scale in Sydney.
The report notes that a shortage of social and affordable housing, which represents just 4 per cent of housing stock, is an economic brake on Sydney’s growth and development. The Organisation for Economic Co-operation and Development (OECD) average is 7.1 per cent.
Put together by the Committee for Sydney with support from the housing industry and community housing sector, the Bringing Affordable Housing to Scale report identifies 4 elements necessary for a better affordable housing system:
- A permanent source of funding as a clear signal to the entire housing system, and to increase the building stock
- A planning system that expedites affordable housing projects, ensuring timely delivery
- Reliance on the not-for-profit community housing provider (CHP) sector as the primary long-term owner and manager of permanently affordable housing
- Sustainable sources of finance (debt and investment capital) that recognise the low-risk attributes of permanently affordable housing as an asset class.
CEO Leonie King said, “A robust community housing sector with the capacity to invest in and develop more affordable housing, particularly in more expensive inner city areas, is essential to creating a city where people can live and work locally, no matter what their income, and be part of vibrant communities.”
Read more about the upcoming developments City West Housing will be delivering within metropolitan Sydney over the next few years.