The Big Issue is launching a new initiative with the potential to raise more than $1.8 billion for social and affordable housing.
Homes for Homes will encourage homeowners and organisations involved in property transactions to donate 0.1 per cent of their property sale price to the initiative. For example, a $500,000 property transaction would mean a $500 donation at the time of sale.
Funds raised through Homes for Homes will be invested with housing providers to build properties based on the areas of greatest housing need. This could include emergency housing for women and children, specialised youth housing centres and housing for low income earners.
The initiative is based on a US model developed by one of America’s leading homebuilders, Lennar Corporation, which has been tailored to the Australian market by The Big Issue.
Lennar Regional President Jeff Roos and The Big Issue and Homes for Homes CEO Steven Persson will speak to developers and industry experts as part of a national roadshow to launch the initiative this week.
Conservative projections based on an initial one per cent uptake of Homes for Homes show the initiative would raise around $1.8 billion over the next 20 to 30 years. This would see more than 2500 dwellings built, housing 6000 people. The initiative could raise much more depending on uptake.
A series of industry breakfast events from 21-25 September will provide information on Homes for Homes in Melbourne, Sydney, Brisbane and Adelaide. Homeowners and developers can find out more information here.