THE Gunner Government is looking to financially back property developers by guaranteeing them six year leases for the construction of new units for social housing.
Housing Minister Gerry McCarthy said the Government had $2.4 million to pay developers through leases this year. He said he hoped it will help ease the long term affordable housing waitlist that is now up to four years.
“(The cash for leases) will underpin the finances for getting these developments out of the ground,” he said. “It’s about stimulating the sector but it’s also about trying to reduce our wait times in the Territory which are critical.”
Mr McCarthy said 3000 people are currently on the waitlist Territory-wide and that the Government hopes to deliver 200 new spaces at a pace of 50 per year, including in regions. They will also consider existing properties up to five years old.
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