Treasurer Wayne Swan and Federal Minister for Housing Tanya Plibersek today joined the Brisbane Housing Company to celebrate its landmark project at Newstead in Brisbane.
When completed, the 95 apartments at Newstead will include 30 National Rental Affordability Scheme homes, 26 social housing dwellings funded by the Nation Building Economic Stimulus Plan and 39 privately owned units.
The Rudd Government is spending $6.2 million on the social housing component plus NRAS, which provides annual income-tax-free incentives to developers of $8,672 per home, indexed to the rental component of the CPI for a 10 year period.
The Treasurer said that the Newstead development showed the importance of the Nation Building Economic Stimulus Plan in supporting local jobs.
"This project is a great example of how economic stimulus is supporting jobs in the construction industry during the global recession," Mr Swan said.
"This project alone is helping to support 350 jobs - that's great news for the construction industry and its suppliers here in Brisbane.
"I congratulate the Brisbane Housing Company for its vision in getting this terrific project off the ground."
Ms Plibersek said it was important to increase the supply of affordable housing in the current tight rental market.
"Across all of our housing programs, the Rudd Government will increase the stock of affordable rental housing by more than 80,000 units over the next four years," Ms Plibersek said.
"This includes up to 50,000 properties to be delivered under the National Rental Affordability Scheme and 30,000 social housing dwellings."
"With the second round of social housing now coming online, the number of new homes being built will continue to grow - further boosting jobs."
Federal Member for Brisbane Arch Bevis said he was delighted that the National Rental Affordability Scheme and the Nation Building Economic Stimulus Plan were delivering more affordable housing in Brisbane.
"It is terrific that the Rudd Government is making such a big investment in affordable housing here in central Brisbane," Mr Bevis said.
"For some time the Brisbane Housing Company has led the way with its innovative approach to affordable housing, and the Newstead development is no exception."
State Member for Brisbane Central Grace Grace said the project was a great example of governments working together.
"This project shows the great results which can be achieved when all three levels of government work together with local industry to provide affordable housing," Ms Grace said.
"The new construction work is also providing vital jobs for building industry workers in the Brisbane region."
The $5.7 billion Social Housing Initiative is the single largest investment in social housing ever undertaken by an Australian Government.
The program will deliver 19,200 new homes with the assistance of State and Territory Governments and the not-for-profit sector, and refurbish more than 60,000 existing properties.
The Government is also investing more than $1 billion in the National Rental Affordability Scheme over the next four years.The Scheme will deliver 50,000 new homes across Australia by 2012, which will be rented out at a minimum 20 per cent below market rate.
15 October 2009