The NSW Government has taken an innovative step to address housing affordability with Landcom choosing Link Wentworth Housing Ltd (Link Wentworth) to partner with and provide 95 affordable dwellings in Sydney’s booming northwest.
Minister for Planning and Public Spaces Rob Stokes said the partnership between Landcom and Link Wentworth will deliver a 100 per cent affordable housing development, that includes long-term affordable rentals beyond 10-year terms and shared equity options
“The 95 affordable dwellings will help people who are priced out of the market to continue to live and work in their local community,” Mr Stokes said.
“I am particularly encouraged at the shared equity options which can provide a pathway to home ownership and address an important housing need.
“Key workers like nurses, cleaners, childcare and retail workers deserve to live in their local area. This partnership demonstrates the NSW Government’s commitment to tackling housing supply and affordability.”
Landcom CEO John Brogden said the partnership with Link Wentworth is a significant milestone in affordable housing partnerships and will set the standard for future affordable housing developments
“The partnership will deliver a range of innovative rental and ownership options for residents of the development. These will not only include the traditional affordable rental models, but shared equity options are also being explored,” Mr Brogden said.
“At Lachlan’s Line, it is intended that around 10% of the units be made available as a shared equity product.
“NSW requires an additional 317,000 social and affordable housing properties by 2036 to meet current and future demand which is why we needed to break the mould and try innovative approaches.
“This partnership will provide secure accommodation that is connected to transport and jobs, to education and local communities.
“This new approach to partnerships sees Landcom leading the change that needs to happen to deliver more affordable and diverse housing choice to those who may not have been able to otherwise access it.”
Link Wentworth CEO Andrew McAnulty said they are absolutely delighted to have been selected for this high-quality mixed tenure project within the City of Ryde.
“We are excited about partnering with Landcom on its new Affordable Housing and Diversity model to deliver sustainable, well designed, and high-quality homes to those on low to moderate incomes,” Mr McAnulty said.
“This new model provides for a broad range of innovation that incorporates legal, tax, and commercial structures to optimise economic and social outcomes.
This is an incredibly important partnership, that will unlock redevelopment opportunities and deliver much needed supply, diversity of housing and a truly exceptional sector leading demonstration project.
“We share Landcom's belief that everyone deserves a place to call home that is safe and affordable.”
Landcom and Link Wentworth will now work together to finalise the plans through co-design principles and then lodge a development application. The National Housing Finance and Investment Corporation (NHFIC) has provided an indicative letter of support for funding on the project.
Construction is expected to commence in early 2023 and first residents will be able to move in from late 2024. Details on how to apply for the housing will be available in 2022.
For more information visit www.linkwentworth.org.au