Funding affordable rental housing – what are the options?
Across Federal, State and Local Government, affordable housing has become a priority on the policy agenda. Effective mechanisms for funding affordable housing are still being investigated; however, it is becoming increasingly evident that the answer to affordable housing funding needs to be a multi- layered and collaborative approach.
The provision of affordable housing has been a long standing challenge across Sydney, with the market outpacing many purchasers and the rental market becoming increasingly unaffordable. Increased development demand in infll areas is producing upwards pressure on property values, consequently pricing low to moderate income households out of inner city locations. As seen in Figure 1, affordable housing needs to be considered across the full housing continuum, with more innovative fnancing mechanisms required to support private rental and eventually home ownership.
To date, existing provision has struggled to address the growing demand for affordable housing. Public funding is limited and the private sector cannot be expected to carry the full burden of affordable housing delivery. Across Federal, State and Local Government, there has been a range of opinion on how best to deliver affordable housing and what mechanisms should be utilised.
Elle Clouston, Senior Consultant in HillPDA’s Strategic Planning team highlights the available funding mechanisms that may assist in the delivery of affordable housing in the latest edition of New Planner magazine.
Read the full article: Funding affordable rental housing – what are the options?
This article originally appeared in New Planner – the journal of the New South Wales planning profession – published by the Planning Institute of Australia. For more information, please visit: www.planning.org.au/news/new-planner-nsw