Tyne Square mixed use development
Category
News
Date
24 March 2010

EPRA helps low-moderate income earners into city homes

  • New Northbridge

EPRA is making 11 affordable housing units in Northbridge and East Perth available ensuring these inner city areas remain accessible for people on lower incomes and key workers.

The shared equity units being delivered in EPRA project areas is a joint initiative between EPRA, the Department of Housing and Keystart to assist those on low to moderate incomes to secure housing in central locations that are close to amenities, services and employment.

EPRA CEO Tony Morgan said the initiative was part of EPRA’s affordable housing program which delivers affordable and social housing within its inner city project areas.

“EPRA is committed to ensuring its redevelopment areas are diverse and vibrant places with a range of people of all backgrounds, means and age groups living there,” Mr Morgan said.

“These brand new, high-quality housing units are in ideal locations in Northbridge and East Perth and have been sold to the Department of Housing which will now find eligible people to move in and make the most of inner city living.”

The Department of Housing has purchased these first properties from EPRA at construction cost and sells them to eligible participants using a Keystart loan.  The Department of Housing will purchase future units directly from property developers following the same approach.

Mr Morgan said EPRA recently released its new innovative Redevelopment Scheme 2 and suite of 10 planning policies.

“The Affordable and Diverse Planning Policy will ensure that 12 per cent of all new developments will be delivered as affordable or social housing. This will be achieved via a partnership with the Department of Housing, private sector and not-for-profit organisations,” he said.

EPRA has discretion to provide a discount on the reserve price for land sold to developers and floor space incentives where developments comply with the Affordable and Diverse Housing Policy.

The shared equity loan scheme lowers the upfront cost of home ownership for people who do not have enough savings to obtain a loan from the bank, and allows them to buy a minimum 30 to 50 per cent equity shared with the Department of Housing. Occupiers have the opportunity to purchase more equity as their circumstances improve.

The first four apartments delivered to eligible purchasers under this model were sold in the Subiaco Redevelopment Authority’s (SRA) Subi Centro project last year.

The initiative will apply to all EPRA and SRA projects including The Link, Perth Cultural Centre, Riverside, New Northbridge, East Perth Power Station, Claisebrook Village and Subi Centro projects.

For more information on obtaining one of the shared equity units contact Keystart on 1300 720 855.