You are now leaving the Affordable Housing website.

The site you are entering is NOT maintained and funded by the ACT Government.

LATEST NEWS

ACT STEPS AHEAD ON AFFORDABLE HOUSING

12/08/08

A progress report on affordable housing released today has outlined the significant achievements by the ACT Labor Government in addressing the issue of housing affordability at a local level, Chief Minister Jon Stanhope said today.

The Government has commenced work on all 62 initiatives in the Action Plan since it was released in April 2007. Key achievements are record land releases, a major investment in community housing, and a requirement that 15 per cent of blocks in all new residential estates must be affordable.

“A solution to the housing affordability challenge will not occur overnight but one year on we are seeing significant progress on our innovative Action Plan,” Mr Stanhope said.

“To address the demand for land we have released more than 3,400 blocks in 2007-08 - the largest amount of residential land released in one year since self-government. A further 4,200 blocks are scheduled to be released this year, followed by 2,750 blocks each year for the next four years.

“Land is now available for purchase over the counter through the Land Development Agency – an option which has not been available for a number of years.

“Through the Government’s OwnPlace program, the Land Development Agency has partnered with builders to bring house and land packages under $300,000 direct to the market with the first homes to be available before Christmas this year.

“At least 15 per cent of blocks in all new residential estates must now be affordable, costing under $300,000. This will increase the supply of affordable homes on the market, making the dream of home ownership easier to reach for many more Canberrans.

“To reduce some of the upfront costs of home ownership the Government’s Home Buyer Concession Scheme charges eligible buyers a concessional duty rate. We have also increased the stamp duty income threshold by 20 per cent to $120,000 a year and allowed the deferral of stamp duty payment for five years.

“Our innovative Land Rent Scheme will reduce entry costs and mortgage payments for homeowners by allowing eligible households to pay rent on land, rather than purchase it. This Scheme provides another option for low-income families who want to access affordable housing.”

Mr Stanhope said the government has also commenced actions that cover rental housing, community housing and public housing.

“We are injecting a record $40 million in equity to support CHC Affordable Housing to deliver 1000 new properties over the next ten years and have established a $50 million loan facility which will allow CHC to replenish its housing stock to ensure more Canberrans can access affordable housing.

“To help more Canberrans on low-to moderate incomes to achieve the dream of home ownership, the ACT Government is exploring shared equity schemes.

“We have called for expressions of interest from institutional investors to implement an affordable private rental scheme to provide up to an additional 400 private rental homes.”

“The ACT Labor Government is committed to ensuring all Canberrans have access to safe, secure and affordable housing,” Mr Stanhope said. “And through our Affordable Housing Action Plan we have been leading the way in addressing the issue of housing affordability at a local level.

Since the launch of the Action Plan the ACT Government has:

  • released a record 3,400 blocks to the market in 2007-08 and adopted a new rolling five-year land release program;
  • streamlined land release and approval processes, and englobo land releases;
  • mandated the delivery of house and land packages priced between $200,000 and $300,000;
  • provided stamp duty concessions for low-income earners and pensioners;
  • increased the stamp duty income threshold by 20 per cent to $120,000 a year
  • allowed the deferral of stamp duty payment for up to 5 years for eligible home buyers;
  • introduced the land rent provision to enable more low-income families to purchase their own home;
  • invited institutional investors to provide affordable private rental accommodation;
  • boosted community housing with an equity injection of $40 million and a loan facility of $50 million;
  • ensured that better and more targeted use is made of public housing - 87 per cent of new allocations are made to applicants in urgent need of housing compared with just over 38 per cent nationally;
  • implemented measures to improve the energy efficiency of the public housing stock to reduce energy costs for public housing tenants;
  • commenced a pilot program aimed at helping young tenants to build supportive community networks;
  • released two demonstration villages to showcase affordable land and housing packages; and
  • funded a design award for excellence in affordable housing.

For more information visit www.actaffordablehousing.com.au.