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Opening Doors to Affordable Housing CHCWA Council Meeting April 2014.

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Presentation on theme: "Opening Doors to Affordable Housing CHCWA Council Meeting April 2014."— Presentation transcript:

1 Opening Doors to Affordable Housing CHCWA Council Meeting April 2014

2 Affordable Housing Strategy 2010-2020 1.Stronger, more diverse social housing system 2.More affordable private rentals and home ownership opportunities 3.Better use of government land and housing assets 4.Public-private partnerships – market solutions Affordable Land Supply

3 In essence... more supply and more transition points <$30,000 $90,000 <$50,000 Centrelink recipients Nurses, police, trades Retail, hospitality, NGO, casual workers <$70,000 Professionals Very low incomesLow incomes Moderate incomes St Barts, Lime Street

4 Some highlights…. 1.14,200+ affordable homes since 2010 for people on low-moderate incomes including: 4,000+ social housing 1,660 discounted rentals (NRAS) 6,460 home loans through Keystart – approx 1,000 shared equity 2.Value-adding partnerships, e.g: MRA – agreement for 1,300 affordable homes by 2020 CHOs – 155 growth properties complete or under construction Private sector partnerships – 250 apartments in CBD financed by private sector with 30+% affordable; JV investment partners Builders EOI – 1400+ new entry level homes DoP/ WAPC, Office of Land and Housing Supply, LandCorp, WALGA

5 What the AH Strategy has meant for the CH Sector Investment – circa $400m in asset transfers since 2010/11; $2.4b asset value in community sector hands Growth – 75% of new social housing has gone to CH sector. Sector is now almost 20% of social housing system Consolidation – 8 providers hold 60% of assets Diversity - greater role for growth providers (social developers) as well as niche providers (client or location specific)

6 Some ongoing challenges.... Relational Intelligent cooperation vs competition Oversight in the public interest vs over regulation/prescription Capability Different skill sets needed in both sectors Scaling up (CHOs) and letting go (Govt) Legitimacy Evidence + returns for policy makers, treasuries and banks Winning hearts and minds of tenants Financial Housing those in greatest need vs growing supply Financial viability - how the gap is funded

7 The horizon....? Federal context – future of the NAHA and other CW outlays? NDIS impacts. Commission of Audit. Welfare, tax, federalism and program reviews State budget context – constricted capital expenditure, asset sales, doing more with existing ingredients Policy context – planned approach to sector growth (NSW, VIC, WA) vs more aggressive reform (QLD, SA, TAS). Sector efficiency + multi-provider diversity Social context – deserving and undeserving poor; generational and spatial divides = Necessity for Innovation & Intelligent Cooperation

8 Celebrating progress…

9 Whole is greater than the sum of the parts… SharedStart … Based on 30% of gross income, 10% deposit, 6.28% interest rate and 30 year loan term. Source for Perth house price: Market Update, June quarter 2013, REIWA

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