Tuesday, April 23, 2024

Affordable rentals to be included in Build-to-Rent proposals

The ACT Government is inviting proposals from developers, Build-to-Rent operators and community housing providers to provide affordable rental dwellings as part of an existing or planned Build-to-Rent development in a bid to boost the number of affordable rental properties in the Territory.

With the ACT’s population set to grow from around 455,000 to 500,000 in the next five years, the Government says it is planning for an increase of around 30,000 dwellings.

“Our plan includes more public housing, more social housing, more affordable rental properties, more rental properties, more urban infill developments and more greenfield developments,” said Chief Minister, Andrew Barr.

“It’s the most comprehensive housing commitment in the Territory’s history with a single goal to provide more housing options for more Canberrans.”

Build-to-Rent projects significantly increase the number of rentals in the ACT, and the Government is interested in further adding the number of affordable rentals available in the ACT through these developments, the Chief Minister said.

“The affordable rental dwellings would need to be rented at less than market rent under an Agreement for at least 15 years to households who meet the income-based eligibility criteria,” he said.

The Request for Proposal process will consider financial assistance and tax concessions for Build-to-Rent developments where at least 15 per cent of dwellings (and a minimum of 10 dwellings) are rented as affordable rental tenancies.

Build-to-Rent is part of the ACT Housing Strategy to improve rental supply, by delivering at least 70% of new housing within our existing urban footprint and addressing some of the complex challenges that exist in the current housing market.

More information on Build-to-Rent and the RFP can be found at www.treasury.act.gov.au/infrastructure-finance-and-reform/build-to-rent.

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