NSW converts Redfern social housing to build-to-rent, a pilot for the sector

The NSW government has made its Communities Plus social and affordable housing project in Redfern, Sydney a build-to-rent apartment project as the launch of the new housing sector draws closer.

Previously, appointed investors and Community Housing Provider partners of Communities Plus projects – built on state land – offer 30 per cent of these projects as affordable and social housing and sell the rest.

But with ongoing pressure to produce more institutionally-held rental homes for an expensive Sydney housing market, the government has asked for 70 per cent of the Redfern project to be rental units.

The developer has to hold the apartments for rental for 40 years, when the project is handed back to the government.

“This model is a great addition to Communities Plus increasing housing supply for people looking to rent as well as supporting vulnerable people in need of social and affordable housing,” Minister for Social Housing Pru Goward said.

Registered investors/community housing consortiums are about to put forward their expressions of interest for the project 600-660 Elizabeth Street.

Click here to read more.

Source: Financial Review