- Vulnerable women in the ACT may be eligible for a Build-to-Rent-to-Buy (BtRtB) solution as early as the end of the year
- During the next six months, the bodies will review and identify potential sites in Ginninderry, ACT and explore an appropriate funding model to support the initiative
- Should the pilot proceed construction could commence later in 2022
- Community Housing Canberra CEO Andrew Hannan says through the initiative, the group hopes to provide women with low-but-secure employment incomes access to housing
Vulnerable women in the ACT may be eligible for a Build-to-Rent-to-Buy (BtRtB) solution as early as the end of the year.
The National Housing Finance and Investment Corporation (NHFIC) has signed a Memorandum of Understanding (MoU) with Ginninderry and Community Housing Canberra (CHC) to explore the initiative.
Ginninderry is a joint venture with the ACT Government Suburban Land Agency (SLA) and Riverview Development
The MoU will allow NHFIC, the SLA, Riverview, and CHC to collaborate in the following six months to establish a BtRtB proof of concept model for at-risk and vulnerable women.
During the next six months, the bodies will review and identify potential sites in Ginninderry, ACT and explore an appropriate funding model to support the initiative.
Should the pilot proceed construction could commence later in 2022.
“Through this housing initiative we aim to provide women with low-but-secure employment incomes, often with little or no deposit, with access to a safe, secure and affordable home with a built-in pathway to home ownership,” Community Housing Canberra CEO Andrew Hannan said.
As an example, under BtRtB, a woman living in rented accommodation would pay an affordable rent to a community housing provider (at 74.9 per cent of market rent) during a ten-year renting tenure. During that period, the woman might benefit from a savings plan that was designed on her behalf and could be supported by NHFIC’s lower financing costs paired with the CHP’s operational efficiency.
At the conclusion of the time, the woman has the option of purchasing the home, adjusting for her portion of any capital growth and benefiting from the 10-year savings plan.
“This initiative is a fantastic opportunity and supports the ACT Government’s commitment to putting housing first for those that need it in our community,” Minister for Housing and Suburban Development Yvette Berry said.
She said she is ‘excited’ for the opportunities that the partnerships will bring for the community housing sector.