A Message from Council to homeless persons (CHP) On Monday, Victorian Treasurer Tim Pallas released the affordable housing plan 'Homes for Victorians'. This includes several recent announcements, including the $1 billion fund to grow social housing announced last month, as well as new initiatives. The sections that will have most impact on homelessness include:
$1 billion social housing fund- this fund will operate as a 'future fund' with the $1 billion of capital invested in equities (shares). The fund will generate $70-$80 million in annual dividends in perpetuity for both new build and head leased social housing. Community housing agencies seeking grants from the fund would need to participate in the Housing Register. New rules for agencies participating in the register include the requirement that they allocate 75% of vacancies to priority applicants. Read our full analysis here.
$1 billion social housing loan guarantee and $100 million revolving loan fund - these will decrease the cost to community housing of borrowing money for new social housing
$109 million over five years to address homelessness and $152 million housing blitz over three years for family violence - released last year, these packages provide new emergency accommodation, rental subsidies and support across a range of homelessness services. Our analysis of the $109 million is here
$30 million over three years to upgrade rooming houses
We encourage you to explore the full plan, which also includes strategies to lower the cost of home ownership for first home buyers, the introduction of a 'vacancy tax', and some small scale pilots of inclusionary zoning. You can read our media release here.
