It was the announcement we've all been waiting for - and finally, on Friday, we learned which CHOs had received co-investment funding for their projects as part of the Big Housing Building Rapid Round.
The Rapid Round of the Big Housing Build was publicly announced on Friday by Minister Wynne. While the successful community housing organisations have known for sometime, we are only now able to speak publicly about the first instalment in the biggest housing co-investment program in Victoria’s history.
The BHB includes $1.38b for CHOs to develop 4,200 new social housing homes. The recently announced Rapid Round allocates 2,352 and $738.8 of the Government contribution while CHOs have contributed $271m made up of debt, equity and contributions from third parties.
The State Government promoted the BHB as being available to CHOs big and small and it delivered. Of the 39 registered CHOs, 22 have received funding – the 10 large housing associations but also 12 smaller housing providers. Projects are spread far and wide.
No of Projects
No of Units
Housing Associations
60
1,567
Housing Providers
29
785
89
2,352
Judy Line, CEO Women’s Housing Ltd said their projects have been targeted to benefit specific cohorts of vulnerable women.
“This is a fabulous opportunity to provide more affordable housing to women,” she said.
“We focussed on three target groups – women and children escaping family violence and older women, plus we hope to rent 10 per cent of these properties to aboriginal women.”
Where are the projects located?
Region
Number of Homes CHO contribution
Government Funding ($)
Metro
1720
$576.8 million
Regional
583
$148.2 million
TBC
49
$13.7 million
TOTAL
2352 $271m
$738.8 million
Featured project
Stay tuned for details of more exciting projects, but here's one to whet your appetite...
The United Housing Co-operative (UHC) has secured a $15,300,000 grant to re-develop the Footscray Lions Elderly Citizens Village and adjoining residential property.
UHC and partner organisation the Lions Club of Footscray are working with their project partners to finalise design for 49 one and two bedroom apartments to be built over two and three storeys on the site, to become the Footscray Lions Co-operative Village for predominately women over the age of 55 years.
UHC will manage the site for up to 40 years which will be jointly owned by UHC and LCF.
What next...
“The announcement and focus on significant investment for housing growth in Regional Victoria in the next round of BHB is truly welcomed,” said CHIA Vic Chair Trudy Ray.
“Much of regional Victoria has been experiencing significant property movement and the impact of the ongoing regional housing crisis continues to reverberate around communities.
“The commitment to $1.25b of investment in Regional Victoria will have positive impact to reducing the affordability pressures that are present and deliver housing to communities that need it the most.”
