Seek not-for-profit providers to participate in a shared equity scheme or schemes for low-income earners and eligible first homebuyers.

Housing ACT is finalising documentation for the shared equity scheme for eligible public housing tenants. IMB has been announced as the provider of mortage finance. Information sessions have been organised for interested public housing tenants. A briefing for the ACT Law Society has also been arranged. Not-for-profit housing providers, including CHC Affordable Housing are also exploring shared equity models.

Continue to work through Housing Ministers’ Council to explore a national approach to addressing housing affordability, particularly in relation to shared equity.

The ACT has entered into National Affordable Housing Agreements with the Commonwealth, including agreements on Homelessness, Federal Financial Relatiosn, Remote Indigenous Housing, and Social Housing.

Introduce a land rent scheme

The Land Rent Scheme was introduced on 1 July 2008 at the discount land rent rate of 2 per cent for eligible lessees. The Scheme was opened up at the standard land rent rate of 4 per cent on 1 January 2009. CIT sessions remain compulsory for anyone wishing to use the Land Rent Scheme, both at the concessional and standard land rent rate. Over 600 people have attended the CIT land rent information sessions to date. Community CPS is providing finance for construction on land rent blocks to approved applicants.

Increase the Home Buyer Concession Scheme property valuation criteria to include median priced properties.

Home Buyer Concession Scheme eligibility thresholds are now updated half yearly, based on median property prices. As at 1 January 2010, the income threshold for concessions for home buyers is $120,000 per annum (total income of all applicants, higher threshold with number of dependant children).

Duty concessions for people on aged or disability pensions and Veteran Gold Card holders have also been introduced to assist them in moving to more appropriate accommodation.

Provide conveyance duty deferral for first home buyers for up to five years.

Deferral of duty for first home buyers for up to five years is now available through the Revenue Legislation (Housing Affordability Initiative) Amendment Act 2007 which provides for amendments to the Duties Act 1999, the Taxation Administration Act 199, the Rates Act 2004 and the Land Tax Act 2004.

Work with industry to consider whether there is an efficient and effective mechanism for charging stamp duty once during the initial development process.

Deferral of duty payments until a Certificate of Occupancy has been issued is now available for eligible purchasers.

Eligible land rent lessees may choose to defer payment of stamp duty. Stamp duty on land rent blocks is not payable a second time if a land rent lease is converted to a regular Crown lease.

Defer land payment (except for deposit) on affordable government house and land packages until a certificate of occupancy is issued.

The Revenue Legislation (Housing Affordability Initiative) Amendment Act 2007 allows conveyance duty deferral for up to five years for first home buyers, and also allows for deferral of payment of conveyance duty for affordable house and land packages until the Certificate of Occupancy has been issued.

Work, including through the Housing Minister’s Council, to seek a review of the taxation regime to ensure equitable treatment of home mortgages.

The ACT, together with other States and Territories, is seeking to have taxation issues considered in the context of new National Affordable Housing Agreement.