Development Victoria has partnered for the first time with Homes for Homes on the Taylors Quarter residential development, located in Taylors Lakes.
Homes for Homes is an independent not-for-profit enterprise established by The Big Issue which aims to generate funds to address homelessness by partnering with developers and individuals who are looking to make a difference.
Development Victoria has registered each lot in Taylors Quarter with Homes for Homes, assuring all future sales within the development will result in a contribution of 0.1% of the sale price being donated to this social enterprise.
“We are proud to have partnered with Home for Homes and look forward to donating much needed funds to this fantastic cause,” Manny Bikakis, Acting Group Head, Property at Development Victoria said.
“With 149 standard land lots now sold at Taylors Quarter, that is a significant donation that will make a real difference”.
Addressing issues surrounding the lack of affordable housing for Victorians is important to Development Victoria.
As the initial vendor, Development Victoria will make the first donation on behalf of each lot, to be paid upon settlement. While this initiative is voluntary, almost all purchasers elected to participate.
“Almost every single property in Taylors Quarter is registered with Homes for Homes, that’s remarkable. I’m delighted that Development Victoria is committed to making a difference and contributing to solving homelessness in Australia,” Steven Persson, CEO of Homes for Homes and The Big Issue said.
Located in Melbourne’s north west, the development is the last major land release for Taylors Lakes. Sales for the final stages of the development remained strong throughout 2019 and 2020, with all land lots sold within less than a year.
“Taylors Lakes is a high demand location in Melbourne due to its close proximity to local retail, transport and schools,” Manny Bikakis said.
“Sales figures also indicate around one third of purchasers are first home buyers which is really positive. It is great to be able to offer an opportunity for Victorians to buy their first home, while also contributing to the Homes for Homes initiative.”
Civil works for the project are now underway, with first settlements expected in early 2021.
About Homes for Homes
Homes for Homes is an independent, not-for-profit organisation established in 2015 by Australia’s largest and most successful social enterprise, The Big Issue, to generate funds to tackle Australia’s chronic shortage of more than 600,000 social and affordable homes by raising money through donations from property sales.
Due to a severe lack of funding, the shortage is projected to grow to one million properties by 2036. Homes for Homes raises funds through donors, both individuals and property developers, agreeing to include a caveat on property titles, which enables a tax-deductible donation of 0.1% of the property’s sale price to be donated to Homes for Homes. This funding is granted to housing providers to increase supply of social affordable housing.
Once a house is registered with Homes for Homes, the legal mechanism stays on the property title, prompting a donation each time the property is sold in the future. Under the Homes for Homes model, money raised in each state or territory will be used to support housing projects in that state or territory.
Once a house is registered with Homes for Homes, the legal mechanism stays on the property title, prompting a donation each time the property is sold in the future. Under the Homes for Homes model, money raised in each state or territory will be used to support housing projects in that state or territory.
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View allUpdated on 26 May 2023