Build-to-rent-to-buy program set to aid low-income women in ACT
The National Housing Finance and Investment Corporation (NHFIC) has announced a new housing initiative that is set to deliver up to 22 affordable rental dwellings for women in Strathnairn, Canberra.
The aim is to support single women aged between 25-45 years old who are facing rental stress or those who are at risk of homelessness.
The proposed program will allow women to find affordable and long term stable accommodation.
The homes will include a mix of one, two, and three bedroom dwellings with the option to purchase the property at the end of a 10-year lease.
Under the concept, an affordable rental of 74.9% of the market rate would be set and a savings plan created for the potential buyer, funded by the lower cost of the NHFIC’s finance and Community Housing Canberra operational efficiencies.
The savings plan, coupled with a share of the capital growth would provide an opportunity for the potential buyer to accumulate a 20% deposit by the end of the 10-year lease.
ACT Minister for Housing and Suburban Development and Minister for Women Yvette Berry MLA said the program is a stepping stone to achieving the great Australian dream.
“The Ginninderry Women’s Housing Project is designed to provide a pathway to home ownership for financially vulnerable women who otherwise would struggle to enter the market,” Ms Berry said.
“This is not just about providing a roof over women’s heads; it’s about giving a real solution to the housing crisis many women face in our community.
“This initiative will enable women to focus on building the future they want without struggling to make ends meet.”
Construction is due to commence in December 2023.
See Also: What are rent-to-own schemes?
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